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Official documents may be a bit confusing for some people and credit reports fit into this category too. A better understanding of what these credit reports contain may help you use it to your advantage.

The most important part of your credit report is your FICO score and it should be prominently displayed in any credit report you review. If you have a high FICO score than you can get better deals and a better interest rates. Your FICO score is used by many people or companies to see what kind of financial person you are.

The form of a credit report may vary from one credit reporting agency to another. Usually the first section of your report contains all your personal information: name, address, birthday, social security number and so on. The second section of your report usually contains information that is available to the public like court records, foreclosures, bankruptcies. The third section may interest you the most because it contains all your credit payment information. It doesn’t display your on time payments but it does report on your mistakes and delinquencies. If this section is relatively empty it means that you’re probably are in good shape. The fourth and last section typically contains information on anyone that has inquired into your credit rating like a credit card company or bank. It is useful because it shows others who need information about you.

Know that you have a clearer image of what your credit report contains you can better understand it and keep an eye on your FICO score.

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