To maintain good credit, you need to be constantly aware of the status of your credit report. After ordering a copy of your report, what’s the next step to do?
For some people, examining their reports for the first time can be intimidating. This article talks about the basic information that you should know about what your credit report reveals.
This section contains personal information (name, address, phone number, Social Security number, driver’s license number). It also contains your residential history and employer history. Do not just scan through this part as you could miss errors, incorrect spelling, wrong digits, etc. Bear in mind that even a single wrong detail in your report could bring about complications.
This is the part where your payment history (the types of account you have, your credit line, debts, unpaid charges, charge offs, etc.) is reported. Creditors will look closely on this section to determine whether you are indeed credit worthy.
This section contains public records such as tax liens, judgments, foreclosures and bankruptcies. Ideally, you want to keep this part clean and free from any negative remark. Add to this remember that derogatory remarks can only remain in your report for up to seven years. If you notice a negative remark that has been there for more than 7 years, send a letter to the credit bureau that issued your report and request for corrections.
Each time you submit an application to a lending company or credit card issuer, a creditor will inquire about your credit report. This is why sending multiple applications to various lenders at once can send doubts or negative impression to a potential lender. Therefore, if you want to apply for a loan or a credit card, spend time doing research first before submitting application to chosen lender.
About the Author:
Suzy Vanstrusen is a credit analyst and a writer on the website EZCreditRepairSolutions.com. She has been providing consumers with tips and wise information about credit repair as well as helping you out more with your bad credit loans. Copyright © 2010