What Kind Of Information Appears On The Credit Report And Credit Bureau? - CREDIT REPORT

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CREDIT REPORT: What Kind of Information Appears on the Credit Report and credit bureau?

Identifying Information
Items such as your name, any aliases, current and previous addresses, social security number, possibly marital status.

Merchant Trade Lines or Credit Lines
These include all regular installment or revolving credit lines such as department store cards, auto loans, mortgages, and credit cards. If you have any history of late payment or if the credit account was included in a bankruptcy, charged off, or put into repossession, the listing will be considered negative or derogatory by all credit grantors.

NOTE: Not all credit accounts may be listed on your credit report since not every credit grantor reports to the same credit bureaus. In addition, not all credit grantors report every credit account to the credit bureaus. For a thorough review of your credit file, you should look at information from all three major credit bureaus.

Collection Accounts
When any credit account is referred to a collection agency or the collections department of a credit grantor because of delinquency, non-payment, or other reason, it shows on the credit report as a collection account. Collection accounts can appear as paid or unpaid accounts. Any account that shows as a collection account (whether paid or not) is considered very negative by credit grantors.

Court Records
Court records include bankruptcies, judgments, satisfied judgments, liens, satisfied liens, and divorce. Most court records, including satisfied liens and/or judgments, are considered very negative by credit grantors.

Inquiries
Each time you apply for credit and a potential credit grantor looks at your credit file, an "inquiry" appears on at least one of your credit bureau files. Inquiries can also appear when an existing credit grantor reviews your credit periodically (to increase your credit line, etc.), or when you review your own credit report. These requests for your credit report are noted as part of your credit history file and can remain for 24 months.

However, a credit grantor may find what it considers "excessive inquiries," and reject your credit application. There are no guidelines or laws that govern the number of inquiries that constitute "excessive." It is each credit grantor's decision. Credit grantors usually reject applications for this reason when they see several inquiries but no new credit. They would rather be safe than sorry. Some companies make unauthorized inquiries to check your credit. Protect yourself from unauthorized inquiries by not giving out your personal information to a merchant (including addresses and drivers licenses) until you are ready to actually apply for credit.

What's Not Included
Your credit report will not include information about your race, salary history, religion, checking or savings accounts, stocks and bonds, medical history, personal assets, criminal record or personal background and lifestyle.

How Long Does Negative (Derogatory) Information Appear on my Credit Report and credit bureau?
The Fair Credit Reporting Act (FCRA) requires that most negative credit items be deleted from your credit bureau file after seven years. Exceptions include bankruptcy, which can be reported for up to ten years. The credit grantor or credit bureau has the right to remove negative credit information whenever they please. Inquiries usually remain in your credit file for 24 months

How do they determine I have "Bad Credit?
Many people find out the hard way that as little as one late payment can bring credit denials at every turn. It is a myth that lots of good credit can outweigh a little bit of negative credit. Any negative credit at all can be a major credit obstacle for most people.

Who Can Look at My Credit Report and credit bureau?
Not just used to grant credit anymore, your credit file is used more and more as a measure of your character. Yes, prospective credit grantors will still review at least one of your credit reports before granting you credit. But, it is increasingly common for insurance companies to review your credit before extending auto or health insurance. And many employers now check your credit before they consider you for a position. If you rent, you have probably already been through a credit check to determine your worthiness as a renter. Basically, anyone who can prove a valid business purpose (and has your permission) can view your credit file. The Fair Credit Reporting Act has specific details.

Credit Report
Collection of an individual's current and past debt and its maintenance history: timely or late payments. You can obtain your credit report from any of several credit bureau agencies in the U.S.