Knowing what information is included in your credit report is vital when it comes to understanding your credit report. A credit report is one of the most essential tools used to determine your individual financial worth.
Your credit report is a thorough and up to date narrative of both your credit activities and your history used by creditors to determine whether you qualify to get a credit card, a car, a rental apartment or even a home loan.
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Information found in your credit report includes:
- Personal Information
Your personal information such as your name, social security number, driver’s license, address and employment history.
- Credit History
Your credit history including all your accounts, credit cards, loans, mortgages and any other unpaid expenses.
- Credit Inquiries
Credit inquiries you may have made within the past year.
Delinquent accounts, existing disputes and any information on how these were resolved.
- Credit Score
Although a FICO credit score is not included in your credit report, it is an important assessment tool that lenders use to assess your credit eligibility. A good credit score would range from 680 to 850 while anything below that would be considered bad.
It is important to keep track of your credit score by accessing the free credit report mandated by the Fair Credit Reporting Act (FCRA) or by paying to get one on a monthly basis. The monthly report costs approximately $14 and is worth the cost for anyone who is interested in building and monitoring their credit-worthiness.
If you are trying to build your credit, I highly recommend you keep an eye on your credit report. It becomes much easier to fix errors and track your progress once you know what information is included in your credit report.