Your credit card report is an important document, and therefore, it is god to understand how to read it correctly. The report determines one’s eligibility for a loan or even a credit card. Sometimes it can play a role in getting a job or securing a home. Interestingly following the coronavirus pandemic, these reports can be accessed freely from credit reporting agencies. Here is what your credit report will contain and what it means:

Personal identification information 

This is an important section of your credit report, and it contains your name, year of birth, and addresses current and previous, social security numbers and employment data. Always check the report to ensure your details are captured correctly.

Credit history

This is the credit part of the report listing the credit cards on your name, loans as well as other revolving credit lines. Every entry in this section should indicate ten account types; date opened, current balance, loan/credit limit, the status of the account, and payment history.  Read this section carefully to ascertain whether payments noted are up to date. If there is a credit card, you have closed confirm if that is reflecting in the report. It is important to ensure there are no credit lines opened under your name that you are not aware of.

Public records and bankruptcy

This section shows if you have ever filed for bankruptcy, and it is one that you will wish to remain blank as that can affect your credit score. Things like tax liens, insolvency/bankruptcy as well as judgment picked from public records can remain in the report for up to 10 years. Although this section hardly has errors, it important to countercheck.

Inquiry information

How often an employer or company requests for your report, which is called a hard pull, can negatively impact your score. However, for soft pulls, financial institutions and credit issuers requests for purposes of credit approval do not impact your score. On the inquiries, you get everyone that has checked your credit in the last two years, like landlord, lenders, employers, and others.