Your credit report offers you a complete view of your current and past credit and financial situation. But without a guide, reading your credit report can seem overwhelming and confusing.

Use our easy-to-follow guide to take the frustration out of reading your credit report:

Section 1: Identifying Information
This section contains:

1. Your name

2. Current address and previous addresses

3. Employment information

4. Social Security number

5. Birth date

You may be tempted to read quickly over this section, but take a minute to ensure everything is correct. For example, carefully look for:

• An incorrect house number on your address
• Outdated employer information
• A SS number off by just one or two numbers

Section 2: Account History
Here’s the meat of the credit report. Your account history will include:

1. Creditor name (i.e., credit card company, mortgage lender, bank)

2. Account number

3. Type of account (i.e., real estate, auto, educational, credit card)

4. Date opened

5. Last activity

6. Balance (how much you currently owe)

7. High balance (the most you’ve ever owed on the account)

8. Past due (amount of overdue payments since the most recent reported activity)

9. Terms (amount of monthly payments, for example)

10. Status (i.e., closed, open)

11. Any additional remarks

Take extra time to ensure everything in this section is accurate and up-to-date. Any incorrect information should be disputed with the 3 credit reporting agencies: Experian, Equifax and TransUnion. Any accounts that are open but inactive should be closed.

Section 3: Public Records
Here you will find a list of all public record items from federal, state and local courts, including bankruptcy, tax lien, monetary judgment and civil action judgment records. Information provided will include:

1. Type of public record

2. Status

3. Date filed

4. Reference number

5. Closing date

6. Court

7. Amount

8. Any additional remarks

You should also take care to ensure all of the information here is correct, particularly if a case was dismissed or if you have been cleared of any charges. Again, contact the 3 credit reporting agencies to dispute inaccurate information.

Section 4: Credit Inquiries
This section will highlight all the inquiries that have been made into your credit report. If you’ve applied for a credit card, load or even a new job, those inquiries should be listed here. Keep in mind that inquiries can only be made with your permission. This section will provide:

1. Creditor name

2. Date of inquiry

Keep in mind these points:

• Are there an excessive amount of inquiries on my report? Too many may negatively affect your credit score.
• Are there inquiries that I do not recognize? This could be a sign of identity theft. Take action with the 3 reporting agencies immediately.

Want to simplify the process of reading your credit report even more? Take advantage of a credit monitoring service. You’ll be automatically notified when any changes have been made to your report by any of the 3 reporting agencies.

© Cole for Credit Score Consultant, 2009. | Reading Your Credit Report: An Easy-to-Follow Guide | http://www.creditscoreconsultant.com/188/reading-credit-report/

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The numbers don’t lie. We’ve compiled 25 useful and interesting credit, debt and saving statistics to help you better assess your situation and learn more about your credit score today.

1. On average, consumers have 13 credit obligations on record, including credit cards and installment loans, according to FICO.

2. 50% of all consumers have been 30 or more days late on a payment, according to FICO.

3. 3 out of 10 have been 60 or more days overdue, FICO reports.

4. 1 in 7 consumers uses 80% or more of their credit card limit, FICO reports.

5. 40% of credit card holders carry a balance less than $1,000, according to FICO.

6. 15% carry balances in excess of $10,000, according to FICO.

7. 84% of college students have credit cards, according to Sallie Mae.

8. 50% of college students or more have at least 4 cards, according to Sallie Mae.

9. 75% of college students who have credit cards carry a balance, Sallie Mae reports.

10. The average credit card balance for college students is $3,173, according to Sallie Mae.

11. According to a recent Javelin Strategy & Research study, 7.28% of respondents said paying off their credit card balance has become more difficult.

12. 45% of respondents to the Javelin study said their ability to contribute to savings has decreased.

13. 30% to 40% of employers use credit scores as an employment selection device, the U.S. Equal Employment Opportunity Commission reports.

14. According to information gathered by the US Census bureau, there were approximately 164 million credit card holders in 2005. That number is projected to grow to 176 million by 2010.

15. About 43% of American families spend more than they earn each year, MSN Money reports.

16. Of workers 55 years or older, about 50% have less than $50,000 in savings, excluding their homes and pensions, according to the Employee Benefit Research Institute.

17. Recently, personal savings rates have increased, rising from essentially zero last year to about 4.2% in July, according to US government statistics.

18. Personal bankruptcies have doubled in the past decade, according to MSN Money.

19. US Visa cardholders account for $1 trillion in annual volume, according to Visa USA.

20. 88% of respondents to a GfK Roper Survey admitted to immediately shredding or simply throwing out credit card offers received in the mail.

21. 25% of credit reports contain errors that have an impact on credit score, according to Public Interest Research Group.

22. FICO reports that the average consumer has had only 1 credit inquiry on his or her accounts within the past year.

23. Less than 6% percent of consumers had 4 or more inquiries resulting from a search for new credit, according to FICO.

24. According to Visa USA, 33% of consumer purchases in the US are made with a payment card such as a credit card, debit card or prepaid card.

25. Low interest rate is the No. 1 factor when choosing a new credit card, according to 58% of respondents to a GfK Roper Survey.

Now that you’re armed with these helpful credit, debt and savings statistics, are you ready to take the next step? Learn more about your own credit score now – request your free credit report and score today.

© Cole for Credit Score Consultant, 2009. | 25 Amazing Credit, Debt and Savings Statistics | http://www.creditscoreconsultant.com/181/credit-debt-savings-statistics/

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College students in credit card debt are no doubt a major problem nationally. According to a study by student lender Sallie Mae, more students than ever before have their own cards, and an alarming number carry a large balance. Study findings include:

• 84% of college students have credit cards

• 50% or more have at least four cards

• The average balance is $3,173

• 75% carry a balance

• 60% are surprised at how high their balances are

So just how do your students get entangled in this mess, and how do you avoid finding your college student in credit card debt?

1. They just don’t know any better. As a parent, have you instilled the right financial responsibility values in your children? Teach your kids at an early age the importance of living within your financial means and paying off credit cards in full each month. If you haven’t already done this, it’s not too late. Your college student is learning complicated lessons in chemistry, statistics and computer programming—why not tack on one more lesson in personal finance?

2. The sky is the limit with credit cards. For some college students, the high spending limit on credit cards represents unending buying power. Instead of giving your college student a credit card, give him or her debit or check card linked to his or her own account. That way, the spending limit is more strictly enforced. When nothing is borrowed, there’s no danger of credit trouble. But be sure to first educate your college student on overdraft fees.

3. Card offers abound. College students can’t walk into the student union or attend a sporting event without being inundated with new card offers. On top of that, credit card companies offer everything from pizza coupons to free T-shirts to convince them to apply. But thanks to a new law, that will soon change. Beginning in February, as part of the Credit CARD Act of 2009, students under 21 will not be able to sign up for their own cards.

4. They’re broke. It’s a cliché because it’s true. Bills for textbooks, entertainment, rent, food and utilities can certainly pile up—especially when little to no income is coming in the door. Help your college student set a monthly budget plan that includes all of their spending needs. Discuss how much money you’ll be able to provide each month, and brainstorm ideas for your college student to make some extra cash. Does the school offer paid tutoring opportunities? Could your co-ed take on a part-time job waiting tables on the weekends?

5. They don’t read the fine print. Some students get swept up in enticing introductory offers: 0% interest for 6 months or 0% interest on balance transfers, for example. By failing to read agreements in full, college students can overlook interest rates that skyrocket after a few months or a sudden no-grace period. Teach them to start reading the fine print, and work with them to identify a card that’s right for them in the long term.

© Cole for Credit Score Consultant, 2009. | 5 Ways College Students Get Into Credit Card Debt (And How to Avoid Them) | http://www.creditscoreconsultant.com/174/student-in-credit-card-debt/

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