What is in a Credit Report?
Your credit report is an education for you in your financial history. It is the basis of any decision a lender might make regarding giving or refusing credit to you. It is a smart move to arrange to see your credit report.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
There will be several sections in each of the reports. The first section will include basic information such as name, social security number and other identifying factors. No information about race, salary, or assets will be in the reports.
There will be a section related to any credit lines. These credit lines will include loans, mortgages, credit cards, gas and department store cards. It will give the date each credit line was opened, credit limits, payment history (including late payments), balances, overdrawn bank accounts, and unpaid child support.
In addition, there will be a section for bankruptcies, liens, judgments, divorce which are records submitted by the court system.
An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.
If the information on your credit report is positive, this is to your benefit. If the report has negatives, this information will remain for 7 years. A bankruptcy remains for 10 years.
It is highly recommended that we obtain and seriously review our credit reports to be aware of differences on each report, locate any and all errors. It is up to each individual to monitor his/her own credit profile, fix errors, and repair personal credit.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
There will be several sections in each of the reports. The first section will include basic information such as name, social security number and other identifying factors. No information about race, salary, or assets will be in the reports.
There will be a section related to any credit lines. These credit lines will include loans, mortgages, credit cards, gas and department store cards. It will give the date each credit line was opened, credit limits, payment history (including late payments), balances, overdrawn bank accounts, and unpaid child support.
In addition, there will be a section for bankruptcies, liens, judgments, divorce which are records submitted by the court system.
An inquiry from a credit reporting agency will be made each time you apply for any type of credit. These inquiries will be on your credit report and stay on for 2 years. Also, when you make your own inquiry, it will also be on the report.
If the information on your credit report is positive, this is to your benefit. If the report has negatives, this information will remain for 7 years. A bankruptcy remains for 10 years.
It is highly recommended that we obtain and seriously review our credit reports to be aware of differences on each report, locate any and all errors. It is up to each individual to monitor his/her own credit profile, fix errors, and repair personal credit.
About the Author:
With never before seen challenges in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.
posted by Credit Counseling at
6:08 AM
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