Credit Basics - Credit Report

A credit report is a report that is generated using information that is present from your creditors including debts that you have currently and debts that you have had in the past. This information is most often used to determine what level of risk you may be when a new lender is trying to determine on whether or not you will be able to pay back a loan from them. While this may be the main reason for a credit report it is not the only one. Your credit report can also be of use to you as well. First off the most predominate item that will notice on your credit report is personal information. This generally includes name, address, phone number and social security number. All of this information should be complete and accurate.

The next portion of credit report starts to break down individual accounts. Often this section of a report will start with a summarization of all of paid and unpaid account with all lenders involved. It will then progress to a chronological listing of any public matters that are relevant to credit. These most often include such things as judgments against or discharges. The next part of a credit report breakdown the individual listing of any one to whom owe money to or are currently receiving payment from. These are reflected as collection accounts and open accounts. Usually the items contained within these sections hold the most influence in regards to credit score.

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