What does the Credit Report Contain!!
The right question in understanding a credit score report is to ask what it contains
Typically a credit report contains four sections. These are:
- Individual’s personal information
- Account information
- Public records
- Credit inquiries
Personal information:
It contains information like your name, your permanent address, your mailing address, social security number. This is important in determining that the report you have opened is certainly yours since it can so happen that there are two people by similar names. There could be spelling mistakes in your name or address. Please do not overlook it. It could be a reason that your personal information could have been compromised or there has been identity theft. If your address is not correctly mentioned in the credit report and it differs from your loan application address, then the creditors might delay the loan process as they would like to ascertain your correct address. Please peruse through this information with keen interest.
Account Information:
This is the information on which your strategies of disputes and pay for delition would rely upon. There will be certain demarcation between GOOD accounts and the BAD accounts. There can be certain subsidiaries of your Credit card company whose collections are valid for your account but you are not sure. In all such cases we advise that you should dispute and ask for a
Public records
Records of all the defaults, claims, court proceedings. Bankruptcies filed by you are mentioned on this particular paragraph.
Credit inquiries
There are two types of inquiries on your credit report. One is the soft inquiry which does not have any impact on your credit report. The other one is the hard inquiry. It has a great impact on your credit score. If you have many lenders calling the credit bureau quite many times then hard inquiries are raised against your report.