Fri, March 14, 2025
Thu, March 13, 2025

What Is a Credit Report and How Do You Read It?

A credit report is a detailed record of an individual's credit history, compiled by credit bureaus like Equifax, Experian, and TransUnion, which lenders use to evaluate creditworthiness. It includes personal information, credit accounts, payment history, inquiries, and public records like bankruptcies. Here's how to read it: Personal Information lists your identity details; Credit Accounts or Trade Lines detail your current and past credit accounts, showing account types, balances, credit limits, and payment history; Payment History indicates whether payments were made on time; Inquiries show who has accessed your credit report, divided into hard (affecting your score) and soft inquiries; Public Records include any legal financial issues. Understanding these sections helps in managing and improving your credit score by ensuring accuracy and addressing any negative items.

Read the Full GOBankingRates Article at:
[ https://www.msn.com/en-us/money/personalfinance/what-is-a-credit-report-and-how-do-you-read-it/ar-AA1AR3mN ]