The summary of your credit history and your personal information is shown in your credit report. This is all important because it determines your “creditworthiness.”
Main parts
- Personal information
This section does not directly affect your credit score; it is used to supply information to lenders. Your personal information includes your full name, SSN, current address, employment information and date of birth.
- Accounts
This section includes your current and past accounts up to 10 years ago. The information shown in this section includes the type of loan, opening date, loan amount/credit limit, account balance, payment history and name of the lender.
- Inquiries
This is a list of all the lenders and creditors who have accessed your credit report (with your authorization) in the last 2 years. There are soft and hard inquiries. The hard inquiries happen when you request a credit or loan (these inquiries are visible to lenders) and the soft inquiries are only visible to you.
- Public records and collections
This section shows if you have been or if you are currently in bankruptcy. This section also shows foreclosures and other debts that are overdue.
In conclusion
Credit reports are an important part of your credit history and might determine the future of a loan or credit you requested. Establish healthy credit habits to have a better credit report. You can also check your credit score for free at crediverso.com
