What is in a Credit Report?
All of us have probably been informed that our credit report is a very important document. Its importance will increase if we have been denied credit and realize that we must repair poor credit.
You need to know that there are actually three major credit reporting agencies. These are: TransUnion, Equifax, and Experian. It is possible to receive a free copy of the report from each agency once a year. See freeannualcreditreport.com for information on how to obtain the three copies. You need all three because differences may be apparent.
The reports will all contain a section with the usual identifying information such as name, address, social security number, etc. The reports will not have information about you personally such as race, assets, salary.
Any of your credit lines will be included. Such items will include loans, mortgages, credit cards, department store and gas cards. This section will show when the account was opened, credit limits, monthly payments, payment history ( late payments also), unpaid child support and overdrawn bank accounts.
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.
It is to your benefit if your credit report is positive. However, any negative information will remain on the report for 7 years. A bankruptcy is on your credit report for 10 years.
It is our personal responsibility to monitor our own credit profile, have errors changed and work to repair our credit. Definitely request your credit reports from all 3 agencies, find discrepancies and mistakes and get them fixed.