About Credit Repair
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Your Credit Report
Your credit report contains useful information that potential lenders and creditors can use to determine whether or not they would like to extend a loan or line of credit to you. Although the three major credit bureaus format your information differently, most credit reports contain the same type of information.
Identifying/Personal Information
This information is not used by the three major credit reporting agencies in their scoring models, but is important because of identity theft. Review the identification information on your report. It could be the first place you find identity theft.
- Name(s)
- Alias(es)
- Past/Present Addresses
- Social Security Number
- Date of Birth
- Employment Information
The personal, identifying information on your credit report is typically provided by you to potential lenders who then report your information to the major credit bureaus as credit inquiries.
Trade Lines
Trade lines, also known as accounts are reported by the lenders you established each account with. The lender reports which type of account (mortgage, revolving and installment), the date the account was opened, your balance and your credit limit or loan amount and your payment history. You can find both positive and negative accounts listed in this area. When a creditor reports derogatory information like missed or late payments, charge-offs, collection accounts, repossessions, items included in a bankruptcy, etc. You will also see account statuses such as account closed by credit grantor and account closed by consumer.
Public Records
Your credit reports can also show information provided by courts like judgments from a lawsuit, bankruptcies, foreclosures, liens and wage garnishments.
Credit Inquiries
Each time you apply for a loan or credit account you authorize the creditor to request a copy of your creditr report. Each time a creditor receives copy a credit inquiry is listed on your report(s). The list of all creditors who have requested your report is found in this area. Information is kept on your report for up to two years.
Once you have reviewed your report you will be prepared to take the next steps. However, if you do not already know what to look for, consider a credit repair company that can help.