YFSCREDIT.COM – Day 4: Analyze Your Credit Reports

Welcome back Wealth Builders! How are you feeling?

Today is the day we pull back the proverbial credit covers and begin to prepare to dominate our credit completely.

My Auntie Oprah once said:

Nothing about my life is lucky. Nothing. A lot of grace, a lot of blessings, a lot of divine order, but I don’t believe in luck. For me, luck is preparation meeting the moment of opportunity. There is no luck without you being prepared to handle that moment of opportunity. Every single thing that has ever happened in your life is preparing you for the moment that is to come.

Taking a queue from my Auntie Oprah, we are going to prepare to win this credit game.

Let’s pull out those credit reports and start by looking at it to get a firm understanding of each section.

Remember, we are doing this to see how much, who and what we have to fight to reach our goals.

 You’ve been through far worse things in your life than looking at PDF . It’s just words on a piece of paper from this point forward.

I also want you to remember that everything that you see on your credit report except for child support is reported voluntarily by someone you’ve done business with or some public database that was searched by the credit bureaus.

This also means that there is a very high chance you will find something inaccurate on your credit report.

Every credit report is slightly different, but they all contain the following information to some degree and not necessarily in the order specified below:

Cover Page
This section will have a report date, report number, credit score, disclosures, and credit bureau information.
Personal information
This section will contain your Name, Date of Birth, Current Address, Previous Addresses and possibly a place of employment.
Account Summary
This section will go over total balances, total amounts, type of accounts ranging from real estate, auto loans, credit cards, student loans, other accounts, inquiries and negative items
Public Records
This section displays public record information on you such as bankruptcies, judgments, tax liens, civil lawsuits, child support and sometimes criminal records.
Account Details
This section will go into each account that makes up your credit score. Every real estate account, student loan, auto loan, credit card and negative items will be listed individually. Each account will include some or all of the following: Name, partial account number, date opened, high balance, current balance, type of account, date last reported, condition, payment amount, contact information of creditor and payment history for the last two years. Note: Closed items will be listed as well. Why? Well items stay on your credit report 7 years plus 180 days from the date of last activity. Just because you paid your car off doesn’t mean it will instantly be removed.
Requests for your credit history or inquiries
This section shows who’s looked into your credit over the last two years. It will include the entity who made the inquiry, contact information, and the date. Warning! Some inquiries are “Hard,” and some are “Soft”. We’ll go into way more detail on this later, but for now, just take note who’s been looking.
I want you to go through your credit report and just look at everything at least two times. We are going to do a detailed in-depth audit of your credit report over the next few days to address items, but for today just get familiar with the report.

My cousin Nelson Mandela once said:

Education is the most powerful weapon which you can use to change the world.

He is absolutely correct, and we are educating ourselves on our credit!

How do you feel about your credit report? Was it easy to navigate? Did you see a lot of errors? Did it confirm your beliefs?

Share your thoughts with the facebook group and with your accountability partner.

Today was just an overview, but we are about to go deeper into the audit and map out our plan of attack.

Before you leave, can you do me a favor?

I want to make sure everyone that you know and love that needs help with their finances receives it…for free.

Here’s how you can help!

On your social media profiles (FB, Twitter, IG, etc.) create a post saying:

Today I learned how to analyze by credit report! I’m taking the FREE 14 day How To Fix Your Credit Challenge by @YourFinancesSimplified. Join me by signing up at YFSCredit.com

 

Oh before I forget. Follow my social media pages! Just click the link below

See you tomorrow!

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