What is a Credit Report?Your credit history is neatly summed up in what is 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 is important to note that they do not share this information with each other.
Several entities can access your credit report for a fee including an employer, insurance company, landlord, or lender. 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 are using the facts of your credit history in whole or part to influence some portion of your future. Entities may look at your credit report when you are applying for a job, loan, credit, or to rent an apartment.
So what exactly do these credit report bureaus record? Below you will see the type of information found on your credit report. This information is available to those that purchase your credit report.
Credit HistoryThis 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.
InquiriesThis section lists those that have acquired your credit report through a transaction. Note that your personal inquires do not appear here.
Personal InformationHere you will find information gathered from filling out credit applications and includes: name, Social Security Number, current address, past addresses, birthday, and employment history.
Public InformationThis 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 do not record can be important. For example, it may come as a relief to know that after ten years, bankruptcies are removed from your 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 will not see on your credit report: • Checking account
• Ethnic background
• Marital status
• Medical history
• Political affiliation
• Religious affiliation
• Savings account