How to analyze your credit score?Wednesday Mar 24, 2010
OK, so you did a little research and you got your credit report. Good for you. Did you get a free credit report or do you check your credit so often you had to pay this time? It doesn’t matter how you got it, because now you have it. Now that you have it, how do you read it? Have you ever just got your credit report and looked at it not knowing what you are seeing? It can be a little difficult the first time around, but it is worth it to learn.
Now there are different layouts for a credit report depending upon the source, some are easier to read than others. But, the basics of a free credit report list out your credit scores from the top three credit bureaus. It will lay out how much debt you have, your monthly payments, your current balance, if anything is past due and how long you have had the debt. This will be laid out for each bit of debt that you owe. For instance, if you have a mortgage with Chase bank, all the info above will be listed out. If you owe on medical bills, that amount will be listed out as well, etc.
All of this combined, accounts for your credit report. A review of this can give you your credit score as well. Knowing what you’re looking at is a good way to get yourself back on track if you have a lot of debt and help keep you out of debt in the future.
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