Credit Reports Too Complex

MoneyTips

Do you know how to read your credit report? If not, it's time to learn.

Your credit score is one of the primary items that lenders check when approving your credit request, and the information in your credit report is used to calculate your credit score. If you never check your credit report, you can't catch any errors that might be dragging down your credit score unnecessarily – or you may not understand why your score rises and falls.

A new survey by WalletHub suggests that people are intimidated by the format of credit reports. Two out of every five respondents considered credit reports hard to read. Three-quarters (76%) of respondents thought credit reports should be simpler, and 68% said they would check their credit more often if it was presented in a simpler way.

Are you confused by credit reports? MoneyTips presents a very