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Timing Is Everything

It is a good idea to check your own credit report and score before applying for any major line of credit or a home mortgage. That way you know exactly where you stand and you can address a mistake in your report if -- there is one -- before it hurts your application.

When you are reading through the report, pay close attention to the dates that indicate when a creditor last sent an update to the reporting agency. If you have recently made a sizable payment that substantially improved your credit limit to balance ratio, or wiped out a past due amount, check to see if it is listed.

If the most recent update from the creditor was before you made that payment, you might want to wait on your application or contact the lender and ask them to send a more recent update to the reporting agency.

Timing is everything. Your credit report might give one impression at a certain time and a different one a month later.
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Breakdown of What You Will Find in a Credit Report

Reading through a personal credit report for the first time can be a little daunting. There is a lot of information to go through and it's not like you're reading the next great American novel. But it is still very important and you need to pay close attention to everything in your credit report. So here is a rundown of what you will see in case you are scratching your head and asking yourself how to read a credit report.

The first section is for identification and has listed your name, date of birth, social security number, and spouse’s name if you are married. Make sure everything in this area is correct. If your social security number is wrong or your name is misspelled, the following credit report might actually be someone else’s.

The next section details your credit history. Specifically it lists company names, account types and numbers, the date an account was opened or closed, payment history, most recent activity on the account, balance, status and past due amounts.

The subsequent two sections lists any accounts that were referred to collection agencies in the last seven years and any public record pertaining to your history of meeting financial obligations. The last two areas list additional information like previous employers and residences, as well as a list of all businesses that have been provided with a copy of your credit report in the last two years.
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