You are viewing the printer-friendly version of What Kind of Information Is On Your Credit Report?What Kind of Information Is On Your Credit Report?How Does Information Get Entered On Your Credit Report?Your credit report is an ongoing look at your personal information and how you manage your finances. Data is typically submitted to a credit reporting agency by your creditors, by the court system or from other public records, and by debt collection agencies. Once a notation is made on your report, it doesn't drop off for awhile. That's not a problem for positive entries, but negative comments by your creditors can affect your buying power for several years. If the comments are accurate, they can stay on your report for seven years. Bankruptcies can remain on your report for ten. Personal Information on Your Credit Report These items are not used to evaluate your credit history. They are gathered from information you give to your creditors. * 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 Data is collected from the court system and from debt collection agencies. * Liens and judgements * Bankruptcies * Foreclosures * Wage attachments * Accounts in collection Your Credit History & Current Obligations Reported by your creditors. * 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; too many inquiries in a short time are viewed negatively * Inquiries made for promotional mailings, by your current creditors, and by yourself for informational purposes; these inquiries are not viewed negatively Your Credit Score Your credit score is a number that's generated by analyzing your entire credit profile. Scores range from 340 to 850. The higher your score, the less risk a lender assumes you will be. Credit Reporting Agencies There are three major credit reporting agencies in the United States. Creditors submit your payment history and personal information to these agencies. * 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, because they do not share information. Checking Your Credit Report and Credit Scores Check your credit report before you buy a home Our credit reports and scores have a huge impact on the interest rate a lender offers us, so it's important that they offer a positive image of the way we manage our debts. If you're getting ready to enter the home buying arena, access and study your reports as early as possible to allow time for corrections to be made before the lender checks your credit. Online Credit Reports The three major credit reporting agencies all offer fee-based plans to check your credit report online. Even though each agency uses a different format to display reports, they all contain the same basic details--but don't be surprised if the actual details about your past and present history are different on each report. Other companies, such as MyFICO.com, are licensed to provide reports and scores based on the information collected by the three major credit reporting agencies. The first time I checked my wife's credit reports, I found that one agency listed her maiden name, but not her married name. It showed my current address at a home I hadn't lived in for 16 years and a past address in a city where I've never lived. The same reporting agency listed two social security numbers for my wife and showed an auto loan as an open account with a balance due, even though payoff had been made 12 months prior. It didn't take long to for the errors to be corrected, but it wasn't an overnight process. The cleaner your reports are, the fewer questions your lender will ask, so get all mistakes handled as quickly as you can. Each agency offers consumers many report variations, including: * A credit report with no credit score. * A report that includes your current credit score. * A 3-in-one credit report that lets you see a side-by-side comparison of records from all three agencies, with or without scores. * Other products, including services that notify you when your credit history is requested, daily and weekly notification of all changes to your file, and subscriptions that allow you to access your report on a regular basis. Each agency will ask you to establish a user name and password. They'll ask you to verify your social security number. They'll also ask you a series of multiple choice questions about your credit history--all designed to ensure you are who you say your are. Equifax and TransUnion reports can be viewed for 30 days, but Experian's report vanishes after you logoff. Be sure to print it before you exit. 3-in-One Reports In my personal tests, the information pulled from each agency was the same as the data found on its Web site. But the credit scores generated for the "other" agencies--the agencies that did not actually sell the report--were not accurate. So I feel more comfortable ordering individual reports from each agency. Printed Reports The cost is $8-$10 per report when ordered by mail, but many states give consumers the right to receive a report at a reduced rate. Scroll to the bottom of this Equifax page to find out if the laws in your state offer discounted reports. Include the following with a mail order request: * Your payment * Your full name and address * Your Social Security number * Your current address and most recent former address Visit each agency's Web site to find current mailing addresses. Free Credit Reports You are entitled to a free credit report if: * you have been turned down for credit or employment (due to your credit report) during the past 60 days * you believe your credit report contains fraudulent information * you are on public assistance * you are unemployed and plan to apply for unemployment benefits within the next 60 days Some offers for free credit reports require that you subscribe to a service or buy products to get the free report. Read the fine print. Now that you have your report in hand, learn how to Correct Errors and Remove Negative Items. pk |