First on your annual credit report is your Personal Information. The beginning of any credit report will include all of your information including your full name and address. Every time your check this report, make sure that this information is accurate. If you find additional information listed, for instance an address that does not belong to you, report it immediately because this could be a clue to any fraud done to your account.
Next is Open Accounts, which is the list of all your current accounts. This typically includes revolving accounts and installment loans; revolving accounts are considered to be much worse than an installment loan. To build good credit, it is always good to have a wide variety of accounts. Any late payments from the last 24 months will also appear in this section of information. These late payments could explain poor credit scores.
New Credit Inquiries are show in the next section of information. Here, you will see both soft and hard inquiries. It is also important to note that soft inquiries will not affect your credit score.
The final section of your annual credit report will show Adverse Actions. This includes items like bankruptcies and foreclosures, which can stay on your report for anywhere between two and ten years. Note that these will dramatically affect your credit report and make it very difficult to purchase a car. Double check any information in the section to be sure that there are no mistakes. If you do find that errors have been made on your account, report those immediately.
Now that you understand what your annual credit report is telling you, see how easy it is to Get Approved Today!