A credit report is your credit history compiled from your financial data by a credit reporting company. It typically contains your personal identification information and any information that may indicate your credit worthiness. One should pay close attention to the accuracy of the report as this is what lenders will see and an error can take months or even years to be cleared. More importantly, your credit score (FICO or VantageScore) is always calculated from your credit report, so any error could impact your score and therefore cost you more money in interests.
What information are in your credit report?
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- Name
- Current and previous addresses
- Current and previous employers
- Social security number
- Telephone number
- Date of birth
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- Payment history with mortgage companies, credit card companies, banks, retail stores, etc.
- Account information including date opened, date closed, closed by you or a creditor, type of account, loan amount. For better money and personal finance management:
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- Any relevant public information such as bankruptcies, tax liens and court judgments.
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- Companies whom you have contacted to apply for credit
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- Companies who obtained your name and address in order to offer your credit (this part is not included in the business version of your credit report)
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- Companies or individuals who have permission from you to see your credit report
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- Statement from you or a creditor disputing information on the report.
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Information typically NOT in your report:
Race
Religion
Health information
Criminal records
Driving records
Salary
How long does a bad record stay on a credit report?
We all make mistakes; some of them will unfortunately stay on our credit reports for a long time. If you have been anxiously waiting to see them off your record, this guide can be really helpful. You can dispute them if obsolete records still remain on your report after expiration dates.
Bankruptcy – 10 years
Chapter 7 and 11 bankruptcies remain on your credit report for 10 years, while Chapter 13
bankruptcy 7-10 years, after the filing date.
Collection – 7 years
Also pay attention to what the report says after you have paid the collections agency, as it may
indicate whether you have paid the full balance or settled with the agency.
Tax Liens – Indefinitely until paid, then 7 years
This applies to Federal, State and Local taxes.
Late payments – 7 years
30-180 day late payments may stay on your credit report for 7 years. Even if they are closed.
Judgments – 7 years
Charge-off – 7 years
Hard Inquiries – 2 years
Who may check my credit report and/or credit score? More people than you might think:
1. Lenders, including mortgage, car loan, personal loan and even business loan companies.
2.Credit card companies.
3. Employers.
4. Insurance companies (some are restricted by state laws, see insurance score)
5. Landlords.
6. Utilities providers.
How to receive a free credit report?
If you haven't done so, please go to the US government supported site www.annualcreditreport.com, which allows you to request a free credit report once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Note that these reports do not include your credit score, which you would need to purchase directly from the three bureaus listed below or MyFICO.com. Contact them immediately if you find any errors on your report.
| | Equifax
P.O. Box 740241
Atlanta, GA 30374
1-800-685-1111 | Trans Union
P.O. Box 1000
Chester, PA 19022
1-800-888-4213
| Experian
P.O. Box 2002
Allen, TX 75013
1-888-397-3742 |