Now that you have a copy of your credit report, it is important to understand the details of what goes into it. Depending on where you pull your report, it will be formatted differently. All the information contained in that report ultimately will be the same. For you designers out there, think of each report as a different CSS layout. Ultimately the content is unchanged.
In every report you will find the following sections:
IDENTIFYING INFORMATION
This will include your Social Security number, name, phone, employment info, previous addresses. This information is entered directly by the entity running the report. You may have supplied this information but you should double check to see if it is all accurate.
CREDIT INFORMATION
This is the largest part of the report and it contains a detailed listing of every single account reported for you for the last 7 years. This will include all credit cards, auto loans, student loans, mortgages, and other lines of credit. Usually these sections are segmented by all current open accounts, all current derogatory or delinquent accounts, all closed accounts, and all closed derogatory or delinquent accounts. Every entry in this section includes the following:
- Name and Kind of Business of the creditor
- Type/Terms – There are three types of accounts: Installment Accounts or loans paid with a set number of payments; Revolving Credit Accounts more commonly known as credit cards issued by department stores banks and gas companies; and Open-30 day agreements which are accounts which you repay the full balance every month. In the example below you can see that some of the installment accounts have the actual terms listed by it.
- Types of accounts held – There are three ways of holding accounts – Individual where you are in sole use of the account; Joint where two or more people use the account and is liable for payment; and Authorized user where you can use the account but are not legally responsible for paying the debt.
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