How to Read a Credit Report

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When reading a credit report, make sure all of the information is correct, review the loan information on the form and double-check any late fees and dates that may appear. Review a credit report with information from a financial manager and currency trader in this free video on finance.

Part of the Video Series: Credit Reports & Credit Scores
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Video Transcript

I'm Roger Groh. We're here today to talk about reading your credit report. What does it mean, how do you read it and how do you use it? Well reading it is pretty simple. Here's an example. If you Google free credit report or example, credit report example, the same page will come up and you can see the same thing. It has your name, your address, your social security number, it talks about the various loans that you have and whether you've made payments on time. And if you've been late, the actual date of that late payment shows up. And it's pretty straightforward. When you read it, what you want to look for is, is all the information accurate? Is your address accurate? Is it really you and your social security number? And did you really borrow the money that's on there? The reason you're looking for that is for fraud. In case somebody has stolen your identity and used your own data to borrow money and then stolen that money. At any rate, the pages are pretty straightforward, they list your assets or anything you borrowed and the money that you owe and whether you've made those payments on time. I'm Roger Groh and that's how you read a credit report.

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