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Here is the four parts of a credit
report most bureaus use.
Part 1 is your
identifying information. This would be information like
your name, social security number, previous addresses,
current address, date of birth, driver's license number,
telephone number, spouse's name and your employer and
length of employment. As with all sections, pay close
attention because chances are pretty darned good, some
of it is wrong. Also you will find if you change jobs or
addresses it takes them some time to catch up to you.
How ever most lenders rely on your loan application for
updates information.
It is wrong because this information
comes to the bureau from a myriad of sources and the
bureau doesn't take the time to update or correct it.
That leaves you as your own correcting agent. This is
were the information in the Credit Secrets bible is so
handy.
All The Information You Need Is In Our Credit Secrets Bible
Part 2 your credit history.
This has all of your credit history and can be quite
lengthy depending of course on your age and use of
credit. It will show items like your department store
accounts, all your credit cards, all your bank
accounts and other financial loans, mortgages, car
loans, boat loans, lines of credit, home equity lines
and other transactions involving credit. Some of the
bureaus use the term trade lines. That is also a phrase
loan officers like to throw around as part of the
jargon. It means all the same.
These accounts start with your
very first account that is still open and tell which
kind of account it is, For example installment, car
loan, personal loan, etc. It will also say whether it is
in your name or someone else is on the account with you.
If someone is on the account with you. you are called
co-borrowers. This simply means you both are
responsible. If one stops paying the other is still
responsible to the lender. Next it will say the total
amount of the loan with the high credit limit or if it
is a credit card, your highest balance and credit limit
The next thing it shows is how much you owe and if the
payments are fixed or minimum monthly amounts. Your
credit report does not show what you paid only your
minimum payment due because that is what the lender
looks at to determine your payment to income ratios.
Your status, open/inactive/closed/paid, follow your
payments then comes the most important information, how
well you've paid on the account. This is where the
credit bureaus list if you are late, how late and how
often you have been late. If you have not been late, it
will show you pay on time. If that is the case your
score will be from good to excellent depending on other
factors.
All The Information You Need Is In Our Credit Secrets Bible
The next part, part 3 is
called Public Records. This is where tax liens,
judgments, foreclosures and bankruptcies are listed. You
want this part to be blank If you have anything in
this section and it is not accurate get it removed
immediatly. If it is true work hard to correct it. The
Credit Secrets Bible can tell you how.
All The Information You Need Is In Our Credit Secrets Bible
Part 4 is the Inquiries
section and it is divided into two parts. Part 1
are the inquiries you initiate by filling out a credit
application. This is credit card applications,
department dstore applications that the stores are
continually trying to get you to fill out. No matter the
discount this can sometimes lower your overall credit
score.
The other part is where the credit
card companies and others send you pre-approved cards
for you. Some auto dealers do this also as well as other
big ticket item sellers. Also here you will find the
names of current creditors who are monitoring your
account.
Sometimes there is a fifth section
called Remarks. Be sure to read this section you never
know what will show up on your credit report. Errors are
committed every day.
Each credit report bureau places an
explanation of terms and definitions of what they are
saying. This is usually found on the reverse side of the
report.
All The Information You Need Is In Our Credit Secrets Bible
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