| The idea of a credit report is scary to some. They | | | | open date, close date, highest balance, type of |
| think that there is some mysterious database of | | | | account (for example revolving vs. installment), |
| personal information about them. But the fact is that | | | | co-applicants, monthly payments, limits, and the |
| what is on your credit report is really a narrow list of | | | | timeliness of your payments (how many were late, |
| information, mostly focused on how well you behave | | | | how late they were, etc.). |
| with your financial obligations. | | | | Inquiry Information -- This is a list of who has requested |
| The credit reports, while limited in what types of | | | | your credit report. There are two ways a credit report |
| information it contains, can be enormous and lengthy. | | | | can be requested. One is by credit companies who |
| Most any payment you make with some sort of | | | | want to make you an offer, but want to pre-approve |
| financial institution will have certain elements reported | | | | you. Those do not count against you. The other is the |
| to the credit bureaus (the agencies that compile the | | | | requests that you make yourself. If you authorize |
| information). | | | | someone to pull your credit report (usually during some |
| The following is a list of the basics of what is on the | | | | type of credit application), that is noted in the report. |
| report: | | | | Some banks will look for trends of a lot of recent |
| Identifying Information -- This is your name, social | | | | activity, meaning that you are accruing more credit, |
| security number, address (including previous | | | | which can be risky for them. |
| addresses), birth date, and employer information and | | | | There are some other bits of information, such as |
| history. Aliases and alternate spellings of your name | | | | disputes that you may have issued, or credit scores |
| are included. | | | | from some of the bureaus. |
| Collection Information -- If any of your accounts have | | | | Knowing what is on your credit report can help you |
| been sent to a collections agency, the details about | | | | know how to behave in a way to protect your report. |
| that account will be captured, including balance owed, | | | | You are also entitled to your own report. Laws vary |
| how long the account is overdue, actions taken, etc. | | | | by state; some states allow one free report per year, |
| Public Record Information -- This section includes items | | | | others charge a minimal fee. Regardless, it is a good |
| such as court orders for alimony, child support, liens, | | | | habit to check the report for accuracy once a year. |
| and the details of any bankruptcy filings. | | | | Make it a habit to request your credit report on your |
| Detailed Account Information -- Every credit account | | | | birthday. |
| you have opened will be listed. Information such as | | | | |