A Newbie's Guide On Knowing A Credit Report
For those of you who recently heard the word Credit Report
, here is your chance to be familiar with the essential parts contained in therein. It is a very important thing for every citizen to understand.
Basically, a credit report is a document that contains your credit accounts, from credit cards to loans. Of course, it also contains your identification that makes it a personal credit report. Details of this document informs you about your account payment history, credit card or loan balance, credit limit or original loan amount and type of account.
Not only does it contain private records, but also public ones such as bankruptcies, tax liens, foreclosure, lawsuit judgments, and country court records, and, in some states, overdue child support. Lastly, your personal credit report also informs you of all parties who have accessed your credit report within the past two years through credit inquiries.
Besides your personal information, there are two very important parts in a credit report-your credit summary and account history. The credit summary section is the summary of your different account types, while your account history contains every detail of these credit accounts.
The credit summary lists the total number, balance, current number, and number of delinquent accounts. If you have any mortgages, then they are input into real estate accounts. As for credit cards and lines of credit, and loans, they come in revolving accounts and installment accounts, respectively. This section of your personal credit report also records your open and closed accounts and public records.
Your account history is the bulk of your credit report. It includes all the types of your credit accounts and mode of payment. Though it is very detailed, it is important to thoroughly read to verify the input.
Several pieces of information contained in the account history are creditor name, account number, account type, responsibility, monthly payment, date opened, date reported, balance, credit limit or loan amount, high balance or high credit, past due, remarks, payment status, payment history and sometimes, collection accounts depending on credit report companies.
The term "responsibility" indicates the user responsibility for the account. It can come in forms of individual, joint or authorized. High balance or high credit pertains to the highest amount ever charged on the credit card. As for installment loans, it refers to the original loan amount. Last to be given stress is payment status. It may either come in current, past due or charge-off.
by: Leo Chu
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