The law entitles you to obtain a copy of your credit report every 12 months. You are also expected to read it and ensure that the information is accurate and that your case is not being misrepresented. Since credit score is such an important part of everyday life there are agencies that have been formed for speedy redressal of complaints. However, most people do not understand a credit report and its contents. A credit report contains the following information:
Personal Information: The first section of the report contains personal information. This is usually how the banks identify you. Information here includes you first name, last name, social security number, taxation details, among others. Your employment details may also be a part of this report.
Summary: Here all the credit accounts that you have are listed down. These are generally classified into real estate accounts, revolving credit accounts, installment type accounts etc. This page will also show a snapshot of what is owed on these accounts at a particular point of time. There will also be details about how many accounts existed in the past, how many are operational now and how many have gone delinquent. Your credit score is also listed in this section.
Details: These accounts have hyperlinks attached to them. This means that a credit reviewer can choose to get the information about your financial behavior on any of the accounts that are displayed in the report.
Other Information: This section shows details of other information, such as alimony payments, child support payments, taxes owed and fines imposed due to drunken driving. This information may change and is most likely to be inaccurately listed in the records. Hence, one must pay special attention to such information.