| Learn how to understand your credit
report in detail. .
How is a 3 Bureau credit report different from
a
single-bureau credit report?
A 3 Bureau report includes your complete
information from all 3 US credit bureaus – Experian,
Equifax, & TransUnion. A single-bureau report
contains your information on file at one of those 3
bureaus.
Why is my credit report and score different among
the 3 bureaus?
When creditors report information to the credit
bureaus, they can choose which bureau(s) they want
to report to. Some report to only 1, whereas many
report to all 3. When a creditor chooses only to
report to 1 or 2 of the bureaus, the remaining
bureau(s) will not have access to, and therefore
will not include, that account information in your
report. Similarly, the credit bureaus do not share
information and may report information that is
inconsistent with the other bureaus.
Why is it important to check my credit report &
credit score
at all 3 bureaus?
When creditors, landlords, and potential employers
check your credit history, they can pull your credit
report & credit score from any bureau(s). Some only
check 1 bureau; some always check all 3. By checking
all 3 yourself, you’ll be prepared no matter which
bureau(s) they go to.
How do I dispute possible inaccuracies on my
credit report?
To request an investigation into information you
don’t agree with on your credit report, you should
write directly to the credit reporting bureau that
supplied the information. A credit bureau has 30
days to investigate disputes regarding possible
inaccuracies on credit reports. The credit bureau
must then give you the results in writing.
Areas of Information Included On Your Credit
Report:
Personal Profile
Names on File: Your name
and/or nicknames.
Current Address: Your current U.S. mail
address.
Current Employer: Name of your current
employer.
Year of Birth: Year you were born.
Previous Addresses: Your previous mail
addresses.
Previous Employers: Names of your
previous employers.
Credit Summary
This section summarizes your credit status. You
should pay special attention to the information on
past due and delinquent accounts, as those can
negatively affect your credit. Knowing the different
account types will help you understand your report.
They are:
Installment - These are accounts like a car loan.
You borrow a specific amount of money and make
regular payments, with interest.
Revolving - These are accounts like a credit card.
You have a credit limit and can pay off the amount
of money you borrow in different ways.
Account Details
Total Account Balance:
Total balance of all reported Installment and Revolving accounts.
Total Accounts:
Total number of reported accounts on your report, including credit/loan
and collection accounts.
Satisfactory Accounts:
Total accounts that have had no late or delinquent payments.
Account Paid in Full:
Accounts that have been paid off completely.
Oldest Account Opened:
Earliest date you opened an account.
Installment and Revolving
Accounts
Installment Balance:
Total unpaid balance on all installment accounts.
Monthly Payment:
Combined monthly payment for all revolving and installment accounts.
Past Due Accounts
Past Due Accounts:
Number of reported accounts past due. NOTE - Recent changes to your
account might still be in process at your creditor
or the credit bureau.
Total Past Due Amount:
Total amount past due (in dollars) for all reported accounts.
Current Delinquent Accounts:
Number of accounts that are currently delinquent.
Previous Delinquent Accounts:
Number of accounts that have been delinquent in the past, but are not
delinquent now.
Number of Times Delinquent
in Past 7 Years
30 Days Delinquent:
Number of times any account has recorded a payment that was 30-59 days
late.
60 Days Delinquent:
Number of times any account has recorded a payment that was 60-89 days
late.
90+ Days Delinquent:
Number of times any account has recorded a payment that was 90 or more
days late.
Report Inquiries
Total Inquiries:
Total number of credit inquiries that were reported. (The following are a
few of the types of companies that can make
inquiries - banks, department stores, auto
dealerships, cell phone or credit card providers.)
Inquiries in Last 6 Months:
Number of inquiries in the last 6 months.
Public Records
The information in this section comes from county,
state, and federal courts and includes civil
judgments, state tax liens, federal tax liens and
bankruptcies. Public records remain on your credit
report for 7-10 years, depending on the type of
record:
Length of Time Public Record Appear on Report:
Civil Judgments: 7 years
Chapter 13 Bankruptcy Dismissal or Discharges:
7 years
Chapter 13 Bankruptcy Filings: 10 years
Bankruptcies Voluntarily Dismissed: 7
years
Paid Tax Liens: 7 years from date paid
Unpaid Tax Liens: Indefinite
Chapter 7, 11, or 12 Bankruptcies: 10
years
Public Record Details
Type of Public Record:
Civil judgments, state tax liens, federal tax liens and bankruptcies.
Amount:
Dollar amount of the lien or judgment.
Plaintiff's Name:
Name of the person or company who filed the suit in a legal judgment.
Status Date:
Last date the public record was changed.
Reference Number:
Identification number of the public record used by the court.
Credit Inquiries
This section contains the names of potential
creditors who obtained a copy of your credit report.
A potential creditor is anyone that you authorize to
check your credit (for example, you go to a car
dealership and sign a form authorizing them to see
your credit history).
Report Inquiry Details
Company Name:
Name of the company that requested your credit record. The name, at
times, is abbreviated by the company.
Company Type: Describes, as closely as possible, the
company's type of business.
Date of Inquiry:
Date the company made the inquiry.
Account History
This section contains specific information on each
account you've opened in the past. Positive
information about your accounts remains on your
report indefinitely.
Account Details
Account Number:
Account number with the creditor.
Type of Business:
Describes the creditor's type of business. Common types are Bank Credit
Cards, Mortgage Companies, Personal Loan Companies
or Credit Unions.
Type of Account:
Describes the type of account. Common types are Revolving, Installment,
or Collection.
Date Opened:
Date the account was opened.
Balance Date:
Date the account balance was reported.
Balance:
Current account balance as of the balance date. NOTE - Recent changes to
your account might still be in process at your
creditor or the credit bureau.
Credit Limit:
For revolving accounts - indicates the maximum amount of credit
available.
For installment accounts - indicates the balance of
the account.
Monthly Payment:
Monthly payment on this account.
Past Due: Reports the amount past due for the
account. NOTE - Recent changes to your account might
still be in process at your creditor or the credit
bureau.
Credit Score
Your Credit Score is a numerical representation of
your credit risk on a scale very similar to those
used by lenders. Your credit score is based on the
information contained in your credit report.
Financial institutions often use credit scores to
help determine your creditworthiness for credit card
approvals, mortgage lending, setting insurance
premiums, and much more. Your Credit Score is
determined using many of the same factors considered
by leading credit scoring companies. To better
understand these factors, please see your
Personalized Score Analysis. The higher your score,
the better, since a higher score indicates you are
less risky to lenders. By understanding your current
level of credit risk, you will know what kinds of
offers you can expect and avoid surprises when
applying for a loan or credit card. By identifying
the factors affecting your credit, you can learn to
better manage your credit and get better loans.
Since there are 3 major credit bureaus in the US (Experian,
Equifax, & TransUnion), you actually have 3
different credit reports. Each one is based on the
information that lenders have reported to that
individual bureau. In the same way, you have 3
different credit scores – each based on one of your
credit reports. Because a lender can report your
information to any of the bureaus (some lenders
report to all 3 bureaus, while others may report to
none or only 1), your credit report at each bureau
often contains different information. If there are
differences among your 3 credit reports, your 3
credit scores will reflect these differences, as
well.
It is important to note that each of your credit
scores will change over time, just as the
information in each of your credit reports will
change. In fact, your score can actually change from
day to day, since it is based on the information in
your credit report on the day your score is
calculated. We recommend periodically checking your
credit score, score analysis, and credit report in
order to be aware of your total credit picture.
Different Ways to View Your Credit Score
Your Credit Score is a three-digit number that
represents your credit rating. Using a scale widely
accepted by the lending industry, the majority of
Personal Credit Scores are between 400 and 900.
Higher scores are better.
Category Ratings
The Credit Category Rating provides an easy way for
consumers to evaluate their credit and understand
what types of loan terms (such as interest rate,
credit line, fees, etc.) they can expect when
applying for credit. This snapshot of a consumer's
credit is based on general industry guidelines.
Although each lender has different criteria, you
will most likely receive the best loans and terms if
you fall in the "Excellent" category. If you fall in
the "Very Poor" or "Poor" categories, you will
probably receive less favorable loans and terms.
The Percentile Value
Your percentile ranking is computed using a
distribution of Personal Credit Scores based on over
one million credit reports and reflecting the
natural distribution of the US population. This
provides an easy way for you to compare your credit
rating to the rest of the U.S. population's. For
example, if you rank in the 90th percentile, your
credit rating is higher than 89 percent of the U.S.
population. The higher your percentile ranking is,
the more likely you will be able to receive good
loan terms.
Some statistics about the score distribution
(percentiles):
15% of the US population is below 600
35% of the US population is below 670
50% of the US population is below 710
70% of the US population is below 755
90% of the US population is below 790
Your Credit Score is calculated using information
from your credit report on the day it is calculated.
It is based on over 80 factors grouped into 6
classes:
Payment History - Information about the way you paid
your credit accounts in the past, including late
payments and bankruptcies.
Credit Accounts - The number of credit accounts that
you have and the different types of those credit
accounts (e.g. credit cards, auto loans, etc.)
Credit Usage - The amount of credit you are
using, and the amount of credit still available.
Length of Credit History - The number of months your
credit accounts have been on your credit report.
Credit Applications - The number of times you have
applied for credit in the recent past.
Bankruptcies - The presence and age of bankruptcy
records (if any) on your credit report.
With many lenders using credit scoring as a
significant part of their loan process, it is
extremely important to know the reasons that make
your score higher or lower. In fact, knowing the
reasons behind your particular score is more
important than knowing your score itself. This
knowledge enables you to proactively manage your
credit so you can get better loans.
The negative and positive factors listed on your
Personal Score Report are based on actual data from
YOUR credit report. By improving your negative areas
and continuing your positive actions, you will be
able to improve your credit rating.
Factors Not Used
Factors that are NOT used in calculating your
Personal Credit Score include age, sex, and race.
These factors are excluded from credit scoring to
eliminate bias and discrimination from the decision
process. Only the information from your credit
report is used to calculate Your Credit Score.
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