| By :
Jamie Simpson
The first thing that you should know about your credit report is that each of the three major agencies list their items a little differently. While the formats are basically the same, you will find a few reporting differences. This should not scare you. The information that is contained in the report is the important thing, not the format it is displayed at. You, as a consumer, need to know that a major government study has found nearly 80% of all credit reports contain errors. Minor to major, these errors can affect your credit standing. This is why it is very important to look at all three reports regularly and understand how the work. To begin, each report will list at the top personal information about you. This will include your full name, maiden name if applicable, you current and past addresses, employer and telephone number. You should review these items carefully. Typos can cause your credit score to go down. As an example, if someone keys in your middle initial incorrectly with your social security number, they have created an alias for you whether you did so on purpose or not. Credit bureaus take the use of aliases as a sign of trouble and will lower your score. Make sure all your information is correct. Next on your credit report you will find a listing of any public judgments against you. Again, verify that the information is correct. Aldo, you should verify the last date of activity on these records. If the item is over 7 years old for any civil suit or 10 for a bankruptcy you can request its immediate removal from your record. Your next batch of items on your credit report will be adverse accounts. This is where accounts that have been tagged as bad are listed. These items can range from late payments to charged off accounts. You will need to verify that each piece of information is correct. This is where most wrong entries are found and where the most credit disputes take place. Verify why the information is bad. If it is listed as a late payment and you were never late, dispute the item. If you do not recognize the account at all report it to the bureau. If the account was charged off and than it shows later as a collection account, make sure the 7 year reporting limit has not been passed. Each of these clarifications will make a significant difference in your overall score. Your credit report will then list all your accounts that are in good standing. While they are points to your credit, you should always verify that the information is being reported correctly. Finally, you will see a list of who has requested your credit reports. These may be companies trying to qualify you for credit or for soliciting new credit. You will see that this group is split into two categories. The two categories are to determine the difference between solicitation and requests for credit. The more you request credit the lower your credit score will be.
|
![[Valid RSS feed]](http://www.articlesbacklink.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
