How to Read Your Credit Report

Your credit report is a report that outlines, in detail, all of your financial information with regard to any credit that you have (or have had). It also describes your payment history, highlighting any missed or late payments. This information can be plentiful, and as a result it can be very difficult to understand, especially if you have never looked at it before.

After requesting your credit report, lenders will examine everything included. Not only are they looking at how much money you owe, but they will also look at the types of loans/financing you have and your payment history. This is why it is so important, not only to check your credit report on a regular basis (at least once a year), but even more so, to understand the information contained within the credit report.

Your credit report contains several different sections. The first has your personal information, including your name, date of birth, address(s), social insurance number and current and past employment (if available).

The second section of your credit report is a summary of your credit. This includes all of the accounts you have, the types of accounts, whether they are open or closed, and the balances of these accounts. This summary portion also lists any delinquencies as well as the number of inquiries made regarding your credit report over the previous two years.

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If you have any public accounts (bankruptcies, tax liens, etc.), these will be reported in the public records portion of your credit report. Depending on the account, these items may remain on the credit report for up to 10 years, so it is very important to monitor your report for any discrepancies.

All of these sections combined work to give a detailed snapshot of your credit. This information is used by different financial institutions to gauge the level of risk you represent, so it is very important to understand what each section means and how to recognize any inconsistencies or discrepancies, as well as how to recognize problem areas so that you can fix them.