Components of your Personal Credit Report

Your personal report is more than just about your financial history. It covers every aspect of your life such as where you have lived, where you have worked, and more.

The Four Parts

To explain this concept further we are going to mention to you that your personal credit report is divided into four parts. These include the following: credit history, identifying information, public records, and inquiry sections.

Each of these portions of your life records serves a different purpose. Each of these sections of your personal credit report fulfills a different role. However, these parts also work hand in hand to provide creditors some kind of idea of what kind of person you are.

No one is perfect. However, sometimes merchants, banks, landlords, and unsecured lenders may turn you down. They may turn you down just because of what they see on your credit report.

Further Explanation

Now that you have learned what the four main components of your personal credit report are we can explore these four areas more closely together. Here is a brief explanation of each of these four parts of the files that represent your entire life (pretty much).

Credit history-The credit history is the part where all your payment history is located. This also is where records of all your financial accounts are recorded.

Identifying Info-This is the section is where your current address is located, as well your name, social security number, and employment information. This is also the part of your report that reveals you birth date and just about any other information found about you.
Public Records-This section of your files is where a legal activity would be recorded. Here is where a bankruptcy might be posted, or this is where tax liens are reported. Other types of judgments and lawsuits would be documented here as well.

Inquiries-This is the section where requests to see your credit file are documented. This could be because you applied for a new line of credit and then were denied. However, that is not the only reason inquiries exist on your report. You may have also gotten one because a company wanted to pre-approve you for an offer.

Today you can find monitoring services that will keep you updated of any changes on your personal credit report as indicated above. It would be to your advantage to use a secure server that will help you keep track of your records.

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