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Comprehension of a Credit Bureau Report

Jun 24, 2008
You have gone to great lengths to obtain a Credit Bureau Report and you do not know the first thing about how to interpret it. Sound like you? Thats fine because youre among many and in the right spot to get some answers. Unless you know what you're looking for, a credit bureau report can look like a big jumble of numbers, which is why some information to help you decipher your credit bureau report is listed below.

Credit Bureau

Credit bureau reports include financial information from a wide variety of sources, including any financial institutions with which the bureaus have a relationship. Credit bureau reports gather information from many different places, even utility companies, and public institutions as well as court systems in which you may have had a relationship with in the past.

General Personal Information

Bureau credit reports are comprised of various types of information. The first page should detail your personal information. You will see that your personal details such as name and address are included followed by some more note worthy information. There will also be sections concerning your employment records and your criminal background. This information is available to outlets that buy your credit bureau report to evaluate you for a loan or other legal agreement.

List of Active Credit Accounts

On your credit bureau report, you will see all of the open credit accounts in your name. This will feature not only the things you are aware of but also some that you might have forgotten. Your account will find a place in the report if you have availed a mortgage, credit card accounts, small loans or any other credit. Other items that might show up include student loans and rental properties among others. Another section will detail how long each account has been opened. A person should look in detail into his credit bureau report, as sometimes there may be mistakes in it.

History of Account Standing

This part of the credit bureau report is extremely important. Every account, along with a detailed payment history will be listed within your credit bureau report. This section of the report contains your missed and late payments. In addition, they list all delinquencies associated with different accounts. This is the area of your credit bureau report that will be closely examined should you be reviewed for a new credit account. In this area, you can also find the balance of each account that people can review.

The Credit Score

Most people get credit reports just so they can know their credit score. When it comes to qualifying for loans, your credit score is the single most important number that you have. It can be the difference in getting the loan you need and being turned down. At the bottom of your credit report, you will see this number. It usually falls somewhere between 500 and 800, depending upon how responsible you have been with your credit in the past.
About the Author
Know all the information inside a credit bureau report and avoid frustrations in making credit reports for your own account. Deal with them with confidence with the proper knowledge.
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