CREDIT REPORT CONTENTS
Credit report contents relate to your personal and credit related history. They do not report on savings or check accounts, nor do they report on any criminal filings. Any financial issue, matter, or related things can lend up on some section of the credit report. Becoming familiar with credit report contents would make your task of reading a future report much easier.
CREDIT REPORT CONTENTS: WHAT IS A CREDIT REPORT?
As the name suggests, it is a report on your credit history – all the borrowed money, mortgage, car loans, credit card transactions, other forms of credit and use of credit services. Since these need to be paid back within certain periods on certain terms, a record of payments helps one to judge how secure one can be while giving you further credit.
A record of late payments, non payments, partial payments, excessive or over use of credit, too many new accounts, bad debts, financial cases, bankruptcies, all these stand against your getting new credit at good rates. You are therefore evaluated for your financial behavior – or rather paying back behavior. The report shows your control over your financial life, the soundness of your financial life, and how reliable you are with money.
Information Not Included: A credit report does not report checking or savings accounts, bankruptcies more than 10 years old, sex, race, ethnicity, religion, political affiliation, medical history, or criminal records. It does not mention your credit score. That must be requested separately.
CREDIT REPORT CONTENTS: REPORTING PROCESS
A large network exists between the lending and credit providing services and three major reporting bureaus, which constantly receive information on people availing of credit. Most of this exchange is voluntary, and goes to benefit the credit providing companies as they receive back information from the bureaus that comes from other sources. This data is compiled and assessed to generate credit reports and credit scores.
CREDIT REPORT CONTENTS: CREDIT REPORT BUREAUS
The three major credit bureaus – Equifax, Experian, and Transunion are private companies selling credit reports to companies and customers. They also provide related services such as credit monitoring, credit scores, and customized reports and scores to private companies. Consumers can obtain an easily readable credit report from them for personal evaluation. The bureaus also provide free and discounted reports to those legally entitled for the same, such as those who were denied a credit service, or the unemployed.
CREDIT REPORT CONTENTS
A credit report contains four main sections as described below.
Personal information: Name, current and recent addresses, Social Security Number, date of birth, and current and previous employers are reported here.
Credit history: Credit accounts in your name or joint accounts with details like the opening date, the credit limit or amount of the loan, payment terms, the balance, and whether or not you've paid the account on time.
Public records: All legal information such as liens, bankruptcies. These stay on your credit report for 7 years.
Inquiries: Anyone who request for a report leaves footprints here. Hard inquiries are initiated with customer’s permission. Soft ones are for those like pre-approved offers.