How Healthy Is Your Credit?

The Importance of a Detailed Credit Report

Looking over your detailed credit report from each of the three major credit reporting bureaus is the only way you can ensure that all of the information contained on each report is 100% accurate. Just getting your credit score alone isn’t enough to know where you really stand. When companies are deciding whether or not to approve you for a loan or even a simple credit card they will look over all of the details contained on your credit reports. Even the most minor negative entry on your credit report can be enough to get you disapproved or disqualified for the best possible financing rates.

Detailed Credit Reports are Important because Mistakes Happen

As the saying goes, to err is human. Credit reporting bureaus are absolutely no different. Errors can and will happen in every industry and every single business. Because credit reporting bureaus get information from a variety of different sources there’s never any guarantee that what they’re recording will be 100% accurate. Only a detailed credit report will show you whether or not any mistakes have been made on your credit reports.

Sometimes credit reporting bureaus will receive information from lenders that isn’t associated with a social security number. They do their best to match the information to a credit report based on name and address. Unfortunately, if you have a common name there may be someone with the same name living near you which can lead to mistakes on your credit report.

Most Important Details on Your Credit Report

Personally Identifiable Information - Information such as your name, address, social security number, date of birth is used to help identify you on your credit report. Other details such as past addresses and employer details may also be used to help identify you. These records are updated whenever you provide details to lenders. It’s important to make sure that all of these details are correct on your credit report.
Active Accounts - This part of your credit report is particularly important to pay attention to as it could tip you off to identity theft. If you notice any open accounts which you aren’t responsible for opening you may have had your identity stolen. It’s also possible that accounts have been added to your report by mistake, in which case you can dispute them to have them removed.
Inquiries - This section will show you who’s been checking up on you and pulling your credit report. Your credit report should show any inquiries made in the last two years. These inquiries are the ones you have given written permission for (like in a loan or credit card contract) and won’t show inquiries made without your permission such as those made for pre-approved credit card offers.
Public Records - This section of your credit report will disclose any bankruptcies, judgments made against you or accounts in collections. It could also include details such as foreclosures, liens and wage attachments. This section is basically anything having to do with the court system.

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