Credit Reports
Your credit history is neatly summed up in what’s called a credit report. It includes the account history information you might expect,
along with your employment and personal information (among other things). More than one credit report
company or bureau keeps records on you as well. These include Equifax, Experian, and TransUnion. While they all record the same
information, it’s important to note that they don’t share this information with each other.
Credit Report Access
Several entities can access you credit report for a fee. These include the following:
- Employers
- Insurers
- Landlords
- Lenders
These entities use your credit report to find out what kind of credit risk you are. It helps them determine whether or not they will
do business with you. This means they’re using the facts of your credit history in whole or part to influence some portion of your
future. The following is a list of times in your life when entities may look at your credit report:
- When applying for a job
- When applying for a loan
- When applying for credit
- When applying for insurance
- When applying to rent an apartment
It’s All in the Details
So what exactly do these credit report bureaus record? Below you’ll see the type of information found on your credit report. This
information is available to those that purchase your credit report.
Credit History
This primary section of your credit report lists all your accounts (sometimes even inactive/closed ones) and includes: credit limits,
available credit, loan amounts, loan balance, payment history, and terms. Note that accounts in your name, as well as ones where you
are an authorized user appear.
Inquiries This section lists those that have acquired your credit report through a transaction. Note that your personal inquires
don’t appear here.
Personal Information
This section lists information gathered from filling out credit applications and includes: name, Social Security
Number, current address, past addresses, birthday, and employment history.
Public Information This section lists financial information taken from public records and may include bankruptcies, liens, and child
support payments if overdue.
Do They Record Everything?
The quick answer to this is no. Understanding what they don’t record can be important. For example, it may come as a relief to know that
after ten years, bankruptcies are removed from your credit report. Inactive/closed accounts can take up to eleven years to be removed,
while resolved delinquent accounts or collection items are removed after seven years.
The following are some other things that you won’t see on your credit report:
- Checking account
- Ethnic background
- Gender
- Marital status
- Medical history
- Political affiliation
- Religious affiliation
- Savings account
Related Links:
Find out how lenders decide to if you are credit worthy
|
|
