- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
A credit report consists of detailed information about all your financial transactions. In order to understand the credit report properly, it is very important to know each and every component of the credit report.
Format of Credit Report
1. Individual’s Personal Details
2. Information Related To Public Record
3 Information Related To Creditors, and
4. Inquiries Related To Credit
5. Report Summary
6. History of Your Account.
1. Individual’s Personal Details:
This is the primary section of the components that constitute a credit report. It includes the following things
- Individual’s Name
- Current Address
- Previous Address
- Date Of Birth
- Data Related To Employment
- Social security number.
2. Information Related To Public Record:
If there is any information related to the public record, it is mentioned in this section of the credit report. These public records could be judgements, liens or bankruptcy.
3. Creditor Information:
This forms the major part of the credit report. There are few basic points that are included in this section of the credit report.
- Balance in the account
- Most Recent Payment of the Individual
- Credit Limit of the individual
- Past information on dues
- Type of Account: Individual or Joint
- Account’s Status.
4. Inquiries Related To Credit:
There are two types of inquiries made by individuals or lenders or banks and other financial institutions. One type of inquiry is a soft inquiry and the other is a hard inquiry. Hard inquiries affect the credit score in adversely whereas soft inquiries do not affect the credit score.
It is normally not easy to read the credit report for the first time. It will be a little confusing for the individuals to read the credit report. After understanding the different components that are included in the credit report, it becomes easy for an individual to understand and read the credit report.
If you feel that there are some errors or wrong information in your credit report, you can either get them corrected or file a dispute.
5. Summary of the Report:
A credit report sometimes has a summary. This report includes the complete gist of some negative as well as some positive information related to the individuals
6. Your Account History:
This part of the credit report consists of a lot of information. There are some particular factors that are included in the account history of an individual. Some of the factors are listed below.
- Account Opening Date: This relates to the date when the account was opened. It includes the date, the month as well as the year in which the account was opened.
- Date of Reporting: This the last date when the credit bureau had updated the information related to the account of the creditor.
- History of Payment: Indicates your monthly payment status since the time your account was established.
- Status of Payment: This section includes the details of all your current as well as pending payments.
- Account number: This is the basic detail that will be mentioned on the credit report.
Things to Be Done While Disputing an Error
In case there are some errors on your credit report, you can dispute the error. If there is no response for the dispute raised by you and there is no solution provided to your dispute, then you need to monitor your credit report and follow up with the bureaus.
The next step you should take is to keep collecting your credit reports on a regular basis so that you can stay watchful of the errors in your credit report. By doing a regular check of your credit report, you can keep a track of all the wrong information or errors in your credit report and make sure that the information present on your credit report is all correct and complete.
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