What is a credit report?
A consumer credit report is a document containing a factual
record of an individual's credit payment history. Credit grantors
are permitted by law to review credit reports to objectively
determine whether to grant a consumer credit. Lenders usually
report consumer credit payment information to the credit bureaus.
Most of the information in a consumer credit report comes directly
from the companies consumers do business with.
What kind of information does a credit report contain?
Your Experian credit report contains four types of information:
identifying information, credit information, public record information,
and inquiries.
Identifying information includes:
- Your name
- Your current and previous addresses
- Your Social Security number
- Your year of birth
- Your current and previous employers
- If you're married, your spouse's name
Credit information includes credit accounts or loans you have
with:
- Banks
- Retailers
- Credit card issuers
- Other lenders
Public record information includes any information that's contained
in state and county court records, like:
- Bankruptcies
- Tax liens
- Monetary judgments
Inquiries indicate to other credit grantors that you have applied
for new credit, which could result in additional debt. Potential
lenders may view multiple recent inquiries on your credit report
as a sign you may be overextending yourself.
RESOURCES: Credit Report
FTC Bureau
of Consumer Protection - Consumer Information: Credit & Loans
Credit Report
and Score Information from Experian.com
TransUnion
- Check Your Credit Report and Credit Score Online, Instantly
and Securely
Equifax
Products: Credit Reports, Credit Scores & Identity Theft
Protection
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Personal Finance
Money Tip: Don't max out your credit cards or lines of
credit. Credit scores look at the total amount of debt
you have, plus they compare that debt to the total amount
of credit available to you. Carrying too much debt relative
to your available credit will usually affect your score
negatively. |
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