How To Read And Interpret Your Credit Report?

One’s credit history is documented in great detail in what is called a “credit report.” Your credit card accounts, automobile loans, mortgage loans, and any other loans or lines of credit you have with legitimate lenders will all be listed in your credit report. Payment records, credit limits, account balances, account opening dates, and loan statuses will also be included in the credit report (close or open, paid in full, not paid in full).

For those who have filed for bankruptcy or a tax lien, credit reports will also include any recent queries into their credit, any collection records, and any public records. While a cibil report may appear daunting at first glance, we’ve broken it down into manageable chunks to help you better understand it.

Personal Information

The identity portion of a credit report includes personal details such as the applicant’s name, address, current and past accounts, date of birth, and Social Security number. If a consumer notices that his or her name or address has been misspelled in his or her credit report, or if there is any other discrepancy in the information supplied here, he or she should contact the relevant credit reporting agency (CRA) immediately.

Financial Details

Here, the details of the person’s current and historical credit accounts will be detailed.

Public Records

Personal bankruptcies, tax liens obtained, and collection accounts will all be mentioned in this area of the Credit Report. A person’s credit report and score will be affected by the information included here, therefore it’s important to double check the dates provided.

Inquiries

Data relating to credit score inquiries made by businesses are stored here. Multiple applications for credit lines may have a detrimental impact on a person’s credit score. Since the majority of inquiries made by lenders are “soft” inquiries for promotional purposes, they often do not impact a person’s credit score. When a credit report is requested for reasons unrelated to applying for credit, this is considered a soft inquiry.