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What's On a Credit Report


 
 

Learns what's
included on your
credit report, what
others will see when
they review it
and how to get a
free credit report.

 

 

Your Credit Report

A credit report is simply a document that outlines your credit history. The report contains details of your residence address history, employment history, payment history, whether you've declared bankruptcy, and other personal information relative to your finances.

Credit reports are made available by what's known as "consumer reporting agencies", and the most common type is a credit bureau. By collecting important personal financial data, they make your credit history available to lenders, credit card companies, insurance companies, department stores, employers (with your consent), mortgage companies, and landlords.

Credit bureaus make a profit by collecting and selling your personal information. They comb public records to see if you have any previous foreclosures, tax liens, or court judgments against you. They combine this information with your payment habits to form a summary of your credit history. Creditors or lenders then evaluate your report and determine if you meet their criteria to qualify.

Your credit report is a revolving reflection of your personal information and how you manage your finances. Information is typically submitted to a credit bureau by your creditors, by the court system or from other public records, and by debt collection agencies.

It's crucial to Monitor your credit report for inaccuracies, and possible Identity Theft. It's just as necessary in today's world, as brushing your teeth every day. When you monitor your credit report and credit score, you can nip any errors in-the-bud. An error on your credit report can negatively affect your buying power, and the worst case scenario is identity theft.

 

Information Included on Your Credit Report Can Include

  • Full name and variations of it (such as maiden names)
  • Social security number
  • Birth date
  • Current and previous addresses
  • Current and past places of employment
  • Driver's license number and state where issued
  • Public Records and Collection Accounts
  • Liens and Judgments
  • Bankruptcies
  • Foreclosures
  • Wage attachments
  • Accounts in collection
  • Dates accounts were opened
  • Types of accounts (revolving, installment loan, mortgage)
  • Account balances and credit limits
  • Payment history for each account, including late payments
  • Unpaid child support and overdrawn checking accounts can also be listed
  • Credit Inquiries
  • Inquiries made when you are seeking new credit
  • Inquiries made for promotional mailings, by your current creditors

Credit Bureaus / Credit Reporting Agencies

The three major credit reporting agencies in the United States are:
Equifax
Experian
TransUnion
Each agency operates independently of the other two, so records often differ. Corrections and updates to your file must be sent to each credit reporting agency, as supposedly, they don't share information.
 

Request an Annual Credit Report

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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