Understanding your Credit Rating

A credit report is basically divided into four sections:

1. Identifying Information
2. Credit History
3. Public Records
4. Inquiries

Identifying Information:
This information identifies you. Review this information to ensure it is accurate. Any variations will stay on your credit report and could complicate loan applications. Other information might include your current and previous addresses, your date of birth, telephone numbers, driver's license number, your employer and your spouse's name.

Public Record:
This cites financial-related data, such as bankruptcies, judgments and tax liens.

Credit History:
Each account will include the name of the creditor and the account number. You may have more than one account from a creditor. The entry will also include:

• When you opened the account.
• The kind of credit (installment: mortgage or car loan - revolving: department store credit card).
• Whether the account is in your name alone or with another person.
• Total amount of the loan, high credit limit or highest balance on the card.
• How much you still owe.
• Fixed montly payments or minimum monthly amount.
• Status of the account (open, inactive, closed, paid, etc.).
• How well you've paid the account