Finance Blog
What's in My Credit Report?
What’s in My Credit Report?
By Robin Holland
Think of your credit report as a snapshot of your financial life.
Creditors don’t get to know you by inviting you over for a barbecue or “friending” you on Facebook. They look to your credit report to get an idea of who you are, your history of payments with loans and credit cards, and what kind of client you may potentially be. Creditors can tell a lot about you from your credit report. They have a ton of experience in evaluating consumers’ creditworthiness and their potential to be a credit risk based on the information revealed in it.
Let’s take a look at the different kinds of information on your credit report.
Your Equifax credit report contains four categories of information.
Credit Report: Identifying information
This nuts-and-bolts section of your credit report isn’t used for scoring purposes–it establishes who you are.. The information usually comes from lenders who report to Equifax that you applied for or have credit with them.
This section establishes who you are and should list your name, address, Social Security number, and date of birth, and it may include employment information. It’s all there so that credit grantors and lenders know that the accounts belong to you, and not to the guy across town who may share your name.
Credit Report: Trade lines
These are your credit accounts. Lenders report on accounts you have established with them. The information includes the type of account (bank card, auto loan, mortgage, etc.), the date you opened the account, your credit limit or loan amount, the account balance, and your payment history including any late payments
Credit Report: Inquiry information
This section contains information about companies that have requested and/or viewed your credit report information, typically within the last two years. This could be a “soft inquiry” from a credit card company looking to extend a preapproval offer of credit to you, or a “hard inquiry” from credit grantors with whom you have applied for credit. (Check out next week’s post on opting out of credit preapproval offers.)
Credit Report: Public record and/or collection information
Your credit report may contain public record information, such as judgments, tax liens, and bankruptcies. It may also contain account information from professional service providers, such as doctors, hospitals, and cable companies, that has been turned over to an outside collection agency. Not all credit reports contain public record and/or collection information. Generally speaking, negative information drops off your credit file after seven years.
Read More:
How To Dispute Credit Report Errors
Four Things College Kids Need To Know About Credit
Four Myths About Your Credit History
Debt Reduction: Why Paying Down Your Credit Card Debt Helps Your Credit Score
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I was actually shocked to learn that one's credit score may go up or down depending on when someone requests the information. I charge just about everything and frequently will have bills at the end of the month that amount to more than $5000. When I buy an expensive item, such as a piece of furniture, the bill might go over $10 or $15 thousand. When my credit score is checked when that amount is on my credit card, my score might be affected even though I pay the card off every month without fail. The smaller one's amount of available credit is, the more this circumstance will affect the score: debt to available credit ratio. Avluela
@Avluela – Thanks for reading and commenting on the blog. You're right that the credit score can depend on when the information is requested. The credit score is determined by the information supplied by the creditors, so when your creditors report information can affect your score. Take a look at some of our other posts for more information on how your credit score is determined: http://credit.equifax.com/2010/07/credit-report-update-how-is-information.html
I have read several times that, if a person does not pay or acknowledge debt for 7 yrs, it no longer appears as a bad mark. How, other than being in bad situations, sick, etc., have this done? Everything is still on my report, after 10 yrs, no change
I d like to see a professional, although I don’t know who that is (Portland, OR).
Thanks for reading!
can anyone please give me the address where you can write to in order
to have your credit report mailed to you every three months?