Credit Ratings
HOW TO ACCURATELY READ YOUR CREDIT REPORT
Even the canniest minds can become confused when they attempt to read and understand a credit report for the first time. With a little direction, you will soon be on your way to identifying any errors lurking within your credit report.t's important, first, to note that if you received your credit report from one of the big three (Experian, TransUnion and Equifax) for free through , your credit score or FICO score will not be included. While you can receive three copies of your credit report for free each year (one from each of the big three), you'll have to pay a little bit to obtain your credit score.
Also, it's a good idea to obtain your credit report yourself. Your friend in the industry may be able to get it for you, but the report he can get won't be as user-friendly as the one you can get for yourself. Reports prepared for consumers tend to avoid using terms and numbers only available to those in the credit industry which makes them easier for the rest of us to understand.
While not all credit reports list their information in the same order, they generally contain the same basic sections: Identification, Credit History, Collections, Public or Courthouse Records and Inquiries. Once you understand the format of your credit report, it will be easier for you to understand the information contained within it. Carefully go through each of the sections, noting any possible errors. If you find that any listed items are not legitimate, you should submit a dispute letter to the credit bureau, possibly enlisting the help of a law firm that specializes in credit repair.
The Identification section contains information about you, such as your name, current and past addresses, birth date, Social Security number, telephone numbers, driver's license numbers, employer and spouse's name. This is not a section to take lightly-if your Social Security number is listed incorrectly, for example, credit accounts that are not yours could be associated with you on your credit report.
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