What does a Credit Report have?

Credit report

Those who are ready to purchase a new or used car have a couple of things to go over before they do. To get the best rate for a car loan payment, you need to check out your credit score. If it is less than stellar, you most likely want to work to improve it before making your way to the dealership. The best place to start is looking at your credit report, but this is easier said than done for some, as it can be quite confusing. Here are tips for understanding your credit report.

Personal information

The first section of a credit report will be your personal information, which includes your current address, past and present employers, social security number, and date of birth. It may also include variations of your name and old addresses, and this will not hurt your credit as long as it is the correct information.

Credit summary

This section will include the different accounts you have with the total balance of what is in the accounts. It will list everything from your mortgage to credit cards, while also showing which accounts are delinquent – and where you need to focus.

Account history

This is where the majority of your information will be on your credit report, as it offers details for each one of your active accounts. The information will include the dates on which certain accounts opened and closed as well as payment history and payment status. This will take you the most time to go through, but make sure to pay attention to each section.

Public records

Records included in this section will be any bankruptcies, judgments, tax liens, and state and county court record that you may have. Some of this information will stay on your credit report for up to 10 years depending on which state you live in. However, the only infractions will be severe financial issues, and not criminal arrests.

Credit Inquiries

This will be a list of all of the parties that have requested your credit report in the past two years. Even though your list may be extensive with a lot of lenders accessing the report. This will not be the same on the lender’s version of the report, which will only list a few. So, you do not have to worry about a lender seeing a massive list under credit inquiries. 

Prince Jose
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