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How to Read Your Credit Report and Understand Your Score
Your credit report is basically a record of your financial history and present situation. It is used by prospective lenders, landlords and possibly employers to review your eligibility. The content of your credit report is then used to create your personal credit score. Your credit score is a number which denotes how financially responsible and creditworthy you are; in other words it gives the company reviewing your report and idea of how likely you will be to pay your debts. Therefore, the better your credit score the more likely you will be to receive your requested loan.
Credit Score Model
The FICO score is the most popular credit sore rating, and is used by the majority of lenders in the US. It is constructed via a combination of your payment history, debt burden, length of credit history, types of credit used and recent searches for credit. It is based on credit files from three national credit bureaus: Experian, TransUnion and Equifax. Scores currently range from 300 (the worst) to 850 (the best). A good generally score to have is 700. You must have a least one account that has been opened for at least 6 months and another account reported to the credit bureau in order to obtain a FICO score.
How to Read and Understand Your Credit Report
The information that builds your credit report as we know is retrieved by Experian, TransUnion and Equifax. They do this by collecting public records and create a credit report that has four parts:
Personal Information: As it sounds, this section contains your name, address, previous addresses, date of birth and social security number.
Credit History: This segment is formulated using all of your open and closed accounts. It also shows your repayment history for these credit accounts. This includes credit cards and medical bills.
Public Records: Any public records associated with your finances make up this section. This could be things like bankruptcies, but not anything unrelated like speeding tickets.
Credit Inquiries: The final part shows anyone who has checked out your credit throughout the past two years.

In terms of importance section 2 is integral, so you need to ensure that there are no errors which can affect your eligibility. If you find a mistake, contact the creditor immediately and if that is unsuccessful you can communicate with the Consumer Financial Protection Bureau. Even worse is if there is something fraudulent on your report: contact the credit bureaus to put on an alert and ensure to report it to the police.

When a company is considering your loan application, they will use both your credit report and score. If you have good credit, you are much more likely to not only receive your loan but receive a better interest rate as well.
How to Receive a Copy of your Report
Your bank may provide you with a copy of your credit report, if not you may acquire one from a credit agency which you may possibly be charged for.

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