What is a Credit Report, and What Does It Include?

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• What is a Credit Report, and What Does It
  Include?
• Have you tried applying for a bank loan and were
  asked to produce your credit report? A credit
  report is an essential financial gauge that
  different parties need to assess your financial
  situation and creditworthiness. Read on for
  everything you need to know about a credit
  report.
• What is a Credit Report?
• A credit report refers to a comprehensive report
  that shows how well you have handled your credit
  accounts. It includes a breakdown of your credit
  history dating years back and is prepared by a
  credit bureau that collects this information from
  different agencies.
• What Does a Credit Report Contain?
• There is a lot of information contained in a
  credit report. It will include your personal
  information for identification, a list of your
  credit accounts and your available credit limit,
  the types of accounts you have and your payment
  history on your accounts.
• A credit report should contain four categories.
  Your identity, existing credit information,
  available public records and any recent inquiries
  you may have made. Here is a guide on how they
  break down these four categories.
• a.) Your Identity
• The report will contain your identification
  information. This will include your name, day,
  date and year of birth, social security number,
  phone number, current employment, and current or
  previous addresses.
• b.) Existing Credit Information
• This section of your report will include
  information regarding any credit accounts you
  currently have. The data will be detailed enough
  to include
• The type of account and when you opened each
  account
• Your current credit limit
• Your loan total

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• If you have a cosigner, their information will be
  included here
• Recent and highest account balance
• Monthly repayments and any recent payments made
• The section will also include any closed accounts
  in your name. Your payment history will also be
  included here. Note that your payment history is
  the most crucial credit report information as it
  accounts for 35 of your credit score.
• Your payment history could date back to two years
  ago, while missed payments remain active on your
  credit report for as long as seven years. Late
  payments will include how much you should have
  paid and how long you delayed making the
  repayment.
• c.) Public Records
• This section will include information from
  transactions that the local, state or federal
  government records. Public records could be from
  property purchases, court judgments, divorce,
  liens, foreclosures or bankruptcies.
• d.) Credit Inquiries
• Your credit inquiries include a list of all the
  companies that have requested a copy of your
  report over the past couple of years. Depending
  on whether your actions were successful, an
  inquiry can be listed as voluntary or
  involuntary. For example, if you were applying
  for a credit card, it would be considered a
  voluntary inquiry. On the other hand, when a
  lender pre- approves your credit card, it will
  be labeled as an involuntary inquiry.
• Who Will Look At My Credit Report?
• Depending on the laws in your state, some people
  may be restricted from accessing your credit
  report. However, businesses that can access your
  credit report include

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Banks- when opening a savings or a checking
account, the bank will go through your credit
report to see if you are at risk of abandoning an
account or overdrafting with them. Lenders- they
are the common users of credit reports. They need
to determine if you are a good person to lend
to. They also use the information from the report
to determine how much to lend you and a
reasonable interest rate to charge
you. Landlords, Utility and Insurance Companies-
your landlord or utility company may request
your credit information to determine how reliable
you can be as a tenant or customer. Insurance
companies assess your credit report to determine
your rates. How Many Credit Bureaus Are
There? There are three main credit bureaus-
Transunion, Experian and Equifax. These credit
bureaus compile data obtained from sources that
lend you credit. However, some pieces of your
credit history may differ among these companies
since they source their information from various
agencies. Nonetheless, the broad score is always
relatively consistent. Access Your Credit Score
for Free Curious to see your credit score rating?
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