Imagine you want to find out why your credit score is so low, and you aren't able to get a home loan. The first step is to take a look at your credit report.  After doing so, you can then start the process to improve your credit score.  Your credit report is useful for you and for any bank you plan to ask for financial assistance from. These reports are used to determine your credit score, and ultimately, your worth as a customer to these institutions. Analyzing your credit report is important so that you can see your standing, remove errors, and increase your credit score.

It's important to get your free credit report to see what errors may be on your report.  A credit report has many elements that need to be checked for, and the level of detail can often confuse the user. This article aims to address the elements that need to be considered when checking your report.

Personal Information 

It's important to take a look at your personal information on your credit report.  This may seem like common sense, but the credit agencies are keeping tabs on millions of users and there is a chance that despite the system being claimed as fool proof, that can be a mix up.  It is a wise idea to spend some time checking your personal information when you receive your credit report. This includes your employment status and occupation, social security number, address etc.

It is also important that you update your information when something changes so that the credit bureaus are aware and can account for the changes accordingly.

Inquirers

Your credit report is in the hands of the credit agencies.  It is considered to be a public document by agencies which deal in financial matters.  It's important to get a free credit score check to see how your credit score is doing.  Then you will see what other banks will see when they are looking at your credit report.  Therefore banks and lenders are allowed to demand your performance history from the credit agencies.

Your credit report will include information on authorities who viewed your credit standing in your report, and it is important that you check who these viewers were. This can help you get a rough estimate of the kind of people who viewed your report and how they can help in any financial decisions you make later on.

Credit Information

Upon receiving your report, please ensure that it is up to date. This can be checked by looking at the date and amount of the latest transactions you've carried out before the end of your fiscal year according to the agency. Credit information also includes the servicing of your loans, the limits of your credit card(s), and the present position of the balance in your current accounts.

It is important that your payment history is in line with what you actually delivered over the year. Users can also make use of rising sites such as Credit Sesame to determine ways to improve their performance.

Public Data

These records indicate the number of times the payment changed hands before it reached the collection agency. Any filings of unlawful acts, bankruptcies, or thievery related to your account will also be found here. It is important that this section of the report reflects positively upon your value as a customer and does not impact your credit score in the wrong direction.

While checking your report, you should not overlook this section simply because any chances of mix ups from the side of the agencies can result in your score losing value.


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