What Is A Credit Report?
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What’s In Your Report?
Although each credit reporting agency formats and reports this information differently, all credit reports contain basically the same categories of information. Your social security number, date of birth and employment information are used to identify you. These factors are not used in scoring. Updates to this information come from information you supply to lenders.
Identifying Information
Your name, address, old addresses, Social Security number, date of birth and employment information are used to identify you. These factors are not used in scoring. Updates to this information come from information you supply to lenders. Many times creditors could have erroneously recorded this information incorrectly. It is important that you review your credit report thoroughly to verify it’s accuracy. Click here to learn why it is important to look at every credit bureaus account of your credit report and score.
Credit Summary
These are your credit accounts. Lenders report on each account you have established with them. They report the type of account (bankcard, auto loan, mortgage, etc), the date you opened the account, your credit limit or loan amount, the account balance and your payment history.
Note: In a recent survey 63% of those interviewed did not want to know what was on their credit report for fear of negative information. Do not, I repeat, do not fall for this thinking. Not only can you prevent ID Theft by checking your report, but this is the first step in improving your credit. Sign up for your FREE Credit Report, |
Credit Inquiries
When you apply for a loan, you authorize your lender to ask for a copy of your credit report. This is how inquiries appear on your credit report. The inquiries section contains a list of everyone who accessed your credit report within the last two years. The report you see lists both “voluntary” inquiries, spurred by your own requests for credit, and “involuntary” inquires, such as when lenders order your report so as to make you a pre-approved credit offer in the mail. The amount of inquiries can affect your credit score, so spread your loan/credit card applications out over time.
Public Record and Collection Items
Credit reporting agencies also collect public record information from state and county courts, and information on overdue debt from collection agencies. Public record information includes bankruptcies, foreclosures, suits, wage attachments, liens and judgments.
Keep Your Credit Record Clean
Good credit is important, now and in the future. In most cases, it takes seven years for accurate, negative information to be deleted from a credit report. Bankruptcy information takes even longer to be deleted—10 years.
Know What Creditors Look for on Credit Reports
Understanding what types of information most creditors evaluate is important. Your credit report is a key part of your credit score, but it is not the only factor. You get points for other things like:
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