It is important for every citizen to understand the information in their credit file, and how that credit history may affect anything from credit card application approvals to mortgages. It isn’t enough to obtain a copy of your credit report. You have to be able to decipher that information in order to ensure accuracy.

Here are some of the sections of your credit file that should be thoroughly reviewed, and the information they may contain:

Personal Details – Not only should your credit file include your current full name, date of birth, and address, but it will also include past addresses and any other names you were known by in the past (such as a maiden name). Unfamiliar addresses or versions of your name might tip you off to credit card fraud or identity theft, and they should be verified or corrected quickly.

You will also find information about your employment. Make sure this is up to date. Many credit card companies and other lenders have salary requirements before approving your application, and outdated employment information may not accurately reflect your current financial situation.

Current Credit Providers and Overdue Accounts – If you are more than 60 days past due on your creditor accounts, that information will be added to your credit file. Keep in mind that paying off that debt won’t mean removal of the information — it will be updated to reflect the payment, but most debts will still remain on your report for five years.

You should carefully review your list of overdue accounts and other defaults. You may discover old debts you had forgotten about which you can afford to settle, or you may find that previously paid-off debts haven’t yet been updated on your file. You can initiate an enquiry and provide proof of payment to have that information updated.

Beyond your basic late payments, your credit file will also show public records (like court judgments) for five years and more serious credit-related issues such as bankruptcy or clearout listings where creditors have been unable to reach you. These serious credit infringements may stay on your credit report for seven years.

Consumer Credit Applications and Other Enquiries – Your credit file doesn’t only feature debts in default and your personal details. It also lists all enquiries made by credit providers (a list of everyone who has checked your credit report in the past five years). Too many enquiries can look bad to potential lenders (if you’ve applied for a dozen credit card offers in the last year, that tells them you’re either being rejected often or you may be trying to secure more credit than you can really afford). Your credit file doesn’t only show that someone has completed a credit check. It also shows the loan amount or credit limit you applied for.

In addition to details about your credit history, your credit file should also offer you instructions on disputing information contained within it. The exact format of your credit file will vary depending on the credit reporting agency you order it from (Veda Advantage and Dun & Bradstreet are the two largest agencies), and their dispute resolution processes may vary. Disputes regarding the accuracy of information in your credit report can take several weeks to be resolved, so you should consider getting a copy of your credit file at least a month prior to applying for credit whenever possible.