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How To Read Your Credit Report
It is more important today, more than any other time, to know what information your credit report contains. This is what lenders refer to when you apply for credit or a loan, which makes it important to know about the information the report contains concerning you and your finances. Everyone is entitled to receive one free report each year.
Many people have been dismayed to find that they have been the victim of identity theft when they apply for a loan or receive requests for payments for loans they did not authorize. One of the ways in which you can prevent this from happening to you is to be vigilant of your credit rating.
It can be confusing to read your credit report once you do receive it. The first section of the report deals with your name and address. You may be inclined to skip over this section, but it does require careful scrutiny, especially if you have changed addresses several times. Make sure that each of the addresses listed is correct and that your name is spelled correctly.
The most important part of your credit report as it applies to your borrowing power is the second section - your ...
... credit history. In this section, you will see a listing of every loan, credit card or store account that you have had, whether or not they have been repaid in full. Review these to make sure that there are no mistakes and that everything is as it should be.
This section will provide details as to your current accounts and your payment history. If you have been late or have missed any payments, the details will be listed here. It will also provide information about any charges creditors have made against you in order to collect payments and whether or not you have filed for bankruptcy in the last eleven years. The data regarding your accounts includes the amount of the outstanding balance, the amount of your monthly payment and whether or not the account has fixed payments.
Lenders will know everything there is to know about your financial dealings when they read your credit report. The information it contains will tell them whether or not you are a good risk for repayment should they decide to approve your loan or credit application. It does play a large role in determining the rate of interest you have to pay. Those with excellent credit will receive the best rates, while those with a poor credit rating will be charged higher rates if they are approved at all.
Todd Moore is the owner of the credit help Wwebsite. At their website, you can learn more about free reverse phone lookup as well as many other things relating to the industry. We encourage you to visit our site today and see what we have.
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