Don’t Worry About Your Beacon Credit Score - Learn To Read Your Credit Report First
Understanding how to read your credit report is crucial to the credit repair process. It is a lot easier to comprehend your credit report now days than it was in the past. Despite all the changes to the credit reporting laws, by large the credit reporting agencies still remain somewhat a mystery.
Living in such a high-tech day and age you would think that the credit bureau’s would have some sort of standardize reporting system. But of course they don’t and your credit report can come in a variety of formats. The important thing is you should be able to recognize a few items right off, such as your personal information and your creditors information.
Experian seems to be the easiest report to comprehend. Their report has a section entitled “accounts in good standing”, this is where your positive account information will be located. They have another section entitled, “potentially negative.” Do not let the word “potentially” fool you. The items located in this section are destroying your credit score.
You will also want to watch for the “closed account” status. This is a tricky matter. It doesn’t matter if you choose to close your account or it is closed by the creditor it is still viewed negatively on your report. When submitting your letter of dispute you will want to make sure that your report reflects that any closed account status says, “closed by consumer.”
Often you will see the term “Charge-Off” written on your report. Charge-offs are accounts written off for tax purposes by the creditor. Even though the amount of the charge-off may be small the damage to your credit score is huge.
If you understand the seriousness of your credit rating and you are ready to do something about it, take action today. Take the first step by committing to a credit repair kit right now.
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