This document provides a guide to understanding credit reports and maintaining a healthy credit score. It discusses the key components of a credit report including personal information, credit accounts, inquiries, and public records. It then outlines factors that affect credit scores such as payment history, credit utilization, length of credit history, and types of credit. The document concludes by providing tips for keeping credit in good standing such as paying bills on time, negotiating delinquencies, and using MyFico.com to monitor credit scores.

1. Understanding Credit This is a simple guide to understanding your credit and how to ensure a healthy credit rating for major life purchases including vehicles and homes.

2. What's In Your Credit Report? Personal Identifying Information

3. Credit Accounts

4. Inquiries

5. Public Records

6. Collection Items

7. Personal Information Personal information includes: Name and Address

8. Social Security Number

9. Date of Birth

10. Employment

11. Updates to this information comes from data collected by your loan officer.

12. Credit Accounts When taking out a loan or opening a limited account, those figures are reported in this section of a credit report. Data provided by the originating bank includes: Type of account (mortgage, vehicle, credit card, student loan)

13. Date account was opened

14. Credit limit or loan amount

15. Payment history

16. Inquiries This section of your report lists all companies who have accessed your credit worthiness over the last two years. There are three types of inquiries: Soft – Initiated by you through a credit reporting Web site, such as MyFico.com.

17. Voluntary – You have requested a loan or credit card and the bank is accessing your report to establish a new line of credit.

18. Involuntary – Bank requested report to solicit a 'pre-approved' credit card.

19. Public Records Public records reflected upon a credit report include: Bankruptcy

20. Foreclosures and Repossessions

21. Lawsuits