What's On Your Consumer Credit Report? - CREDIT REPORT

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TODAY'S SAVING TIP Contact the CRAs listed in the Yellow Pages under "credit" or "credit rating and reporting." Because more than one CRA may have a file on you, call each until you locate all the agencies maintaining your file. The three major national credit bureaus ... Read more

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CREDIT REPORT: What's on your consumer credit report?

Your credit report is your life. Do you know what's on your consumer credit report? Most people don't, in fact over 75% of consumers have never even seen their personal credit report. This is a mistake. Why would you not want to know what's on the one document that will ultimately control your financial destiny?

What is on your personal credit report?

For starters, all you personal information: name, address, date of birth, social security number, plus residence and employment history for up to ten years. If you are married this will apply to your spouse as well.

All your account information, also know as "trade lines", comes next. This includes the date these accounts were opened, your payment history (on time or 30/60/90 day late), credit limit, account balance and negative actions taken such as charge offs, collections, foreclosures and repossessions. All this information is provided to the credit reporting agencies by the lenders.

Public record information and recent credit inquires are also included in your consumer credit report. Bankruptcies, judgments, and liens are examples of public record information. Credit reporting agencies buy this information from people who comb through the public records. Any credit inquires will appear on your report for two years. Too many inquires could have an adverse effect on your rating.

Finally, your credit "score". Perhaps the most important determining factor in getting a favorable credit decision. Most lenders will look at your score first to assess whether or not you meet their underwriting guidelines. A score above 700 essentially means you will get the credit you need when you need it. A score below 500 means no one will lend you a dime. Now, just how is your score determined? A mathematical formula that takes in all aspects of your life is in use here. Obviously the payment history on the accounts you now have play a big role, but many other factors are also looked at and can overshadow a good payment history.