Credit Report FAQ & What's
Included on a Credit Report
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Credit
report
FAQ with detailed
explanation of what
information will
be listed on your
credit report.
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How is a 3 Bureau credit report
different from a single-bureau credit report?
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A 3 Bureau report includes your complete information
from all three US credit bureaus – Experian,
Equifax, & TransUnion. A single-bureau report
contains your information on file for one of those
three bureaus.
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Why is my credit report and score
different among the 3 bureaus?
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When creditors report information to the credit
bureaus, they can choose which bureau(s) they want
to report to. Some report to only one, whereas many
report to all three. When a creditor chooses only to
report to one or two 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. |
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Why is it important to check my
credit report & credit score
at all three bureaus?
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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 one bureau; some always check all three. By
checking all three credit bureaus yourself, you’ll
be prepared no matter which bureau(s) they go to. |
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How do I dispute possible
inaccuracies on my credit report?
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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 inaccurate 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. |
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Areas of Information Included On
Your Credit Report:
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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.
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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.
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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.
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Installment and Revolving Accounts
- Installment Balance: Total unpaid balance on
all installment accounts.
- Monthly Payment: Combined monthly payment
for all revolving and installment accounts.
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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.
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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.
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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.
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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 Appears 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.
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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.
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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.
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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 three major credit bureaus in the
US (Experian, Equifax, & TransUnion), you actually
have three different credit reports. Each one is
based on the information that lenders have reported
to that individual bureau. In the same way, you have
three 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 three 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 three credit
reports, your three credit scores will reflect these
differences, as well.
It's 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's 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.
2010 statistics indicate this score distribution
(percentiles):
- 25% 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's
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 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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Request an Annual Credit Report
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By visiting
annualcreditreport.com you can request one free
report from each of the 3 national credit reporting
agencies every 12 months. If you've already
requested your free report and need additional
reports you can visit the credit reporting companies
directly online. |
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