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Understanding your Credit Report
To have a complete picture of your credit history, it is important to get a credit report from all three reporting agencies.
Since credit reporting is a voluntary system, and creditors may subscribe to only one agency, it is best not to assume the information will be the same on all three reports.
A credit report is basically divided into four sections: identifying information, credit history, public records and inquiries.
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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.
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Credit History: Each account will include the name of the creditor and the account number, which may be
scrambled for security purposes. You may have more than one account from a creditor. Many creditors have more
than one kind of account, or if you move, they transfer your account to a new location and assign a new number. The entry will also include:
- When you opened the account
- The kind of credit (installment, such as a mortgage or car loan, or revolving, such as a 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 monthly payments or minimum monthly amount
- Status of the account (open, inactive, closed, paid, etc.)
- How well you've paid the account
Once you review your credit reports, any mistakes should be reported to the reporting agency.
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