How To Read A Credit Report
You would be surprised at how many people could not tell you what their credit score is, or how many people know nothing about credit reports in general. There is a fear of numbers out there, and a lack of knowledge that is causing people to lose track of their finances. Even those few who do actually pull their credit reports don’t know how to read them. There are some basics that you should know when trying to read a credit report.
First of all, if your credit report is pulled by another source other than yourself, you will have a credit inquiry on your report. The inquiry will affect your credit score. You will not receive any notice of your report being affected, not in writing or by phone, but it will make a small difference and you will be slightly penalized.
When you look at the top of a credit report, you will see the words “Prepared For” as well as “Attention.” Prepared For will tell you what lender the credit report was actually made up for (who pulled the report), while the Attention blank will give you the actual name of a person and not just the company. Usually the Purpose of the Loan is also shown; and the Report Type will explain whether the credit report is for an individual or for a joint partnership.
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