"Can You Read It Now ?"

You maybe one of those people who once you pull your credit report all you know how to read is the three digit score. You are told to pull all three of your credit reports a minimum of once a year. Since identity theft is the fastest growing crime in America, it wouldn’t hurt to pull it every six months, but you still need to understand what you are reading.

Even though the three main credit bureaus are different, they basically provide the same data but format it differently. In this lesson, to help you familiarize yourself with some common terms used by all three.

Identifying the kind of credit reported:
R=Revolving ( this is your credit cards )
I= Installment ( this is your house, car, furniture loans )
M=Mortgage
O=Other ( this could be personal loans, non-traditional credit)

Now the very important indicator of your timely payment habits is the one digit number:
1= Paid on time ( Excellent ! )
2= 30 Days Late
3= 60 Days Late
4= 90 Days Late
5= 120Days Late
8= Voluntary (Bad )
9= Charge Off / Loss ( VERY Bad )

History is reported on the individual, not couples. If the debt is in one name, the history is reported as ( B = Individual Borrower ) or it may show as ( S= Signer ) . IF the debt is in two names, both signed an agreement to pay then you will see it as ( J = Joint Account)

Another very important indicator is the ‘DLA’ = Date Of Last Activity. This is the last time you made a payment on the account. ‘OPENED’ = The date the account was opened originally, and ‘LAST REPORTED’ is when the creditor last reported activity to the credit bureau.

To raise your credit score is disputing any inaccurate information that you see, including the indicators shown here. The law governing the credit bureaus is basically is they can’t prove it, they have to remove it. Credit Justice Services is one of Spectrum Resources as one of the nation’s top credit repair companies. If you decide not to repair your own credit and decide to seek professional help study the website: www.CreditJusticeServices.com/?ccc=1242 and their 75 Day Credit Makeover program. You will be working with a paralegal and a trained certified credit counselor. 390

Contact Spectrum Resources for personal counseling in debt, credit and home ownership issues
( 863) 967-0660 or email: SpectrumResources@tampabay.rr.com and please visit our blogs: http://spectrumresources.wordpress.com/ & http://womantowomanmagazine.ning.com/ & http://moneysavingtips.polkvoice.com/