What information can you find on your credit report?

One of the most important reasons for knowing just what type of information is on your credit report is identity theft. If you suspect any unusual activity on your account, having prompt access to your personal report is vital if you are to stop any unwanted hijackers.

Another reason that you may want to look at your personal report is to be able to gauge your eligibility when applying for a loan or mortgage. If your credit score is low, for example, this consequently means that you may not be accepted for the loan or mortgage that you desire. Repeat applications will lower your score even further, so by understanding and knowing where you stand, you can avoid further damage to your personal report.

When you receive your personal credit report, you will be presented with four basic sections, although the way this is actually presented will differ, depending on which credit bureau you actually choose.

Your personal information.

This section of the report elicits all of your basic information such as your name, address, social security number, former address and your date of birth.

You will also see a list of your current employers, as well as any previous employers, so it is adamant that you check this information to ensure that it is indeed correct. If you do find errors in this section, you must always look into rectifying and correcting the errors, before you move further into the report.

Information for public record.

This section of the report will show you whether you have had any past tax disputes or foreclosures. If you have been declared bankrupt in the past, this will also show up, although after a period of seven years, this will usually be wiped clean from the record.

Your credit history and payment history.

This section is the one that you need to pay the closet attention to. You will be presented with a list of all the credit that you have taken out in the past, and also any outstanding credit that you may still owe. It will show you how much credit you have borrowed, the length in which you took out the loan or mortgage, how diligent you were in paying it back and also who actually loaned you the money.

As with many people, this may be a long and detailed list of all the loans and creditors that you have had dealings with in the past. Make sure you go through each and every detail on this list and carefully pick out anything that you do not recognize. If there is indeed something on there that is unfamiliar to you, make sure you file a dispute to eradicate any opportunities of mistakes and errors being presented to potential creditors.

Inquiries made on your credit report

Here you will be presented with a six month history of all the people that have made checks on your credit history. Multiple checks will actually affect your ratings, so make sure that you investigate any names or companies that you do not recognize.

Things that may not be on your credit report.

Your credit score actually gives each individual a rating between 300 and 850 and is known as a "FICO" score. Although you may assume this to be the most important part of your eligibility to receive a loan or mortgage, this is not actually a standard part of a personal credit report. The three main bureaus Equifax, TransUnion and Experian, do not work in the same way and will present the creditor or yourself with slightly different parameters and past history to consider. By considering all these points that have been mentioned, you will give yourself the opportunity to eradicate mistakes and see how other people view you as a potential borrower