What's In Your Credit Report?

by Kat Kally - Date: 2010-10-20 - Word Count: 249 Share This!

Your name, address, social security number, birthdate and previous and current employment information is part of the identification section of your credit report. Even though these items are not used to calculate your credit score, it's important that you make sure the information is accurate.

Public Information
Public record information contained in your credit report includes, foreclosures, bankruptcies, judgments, liens, wage attachments and lawsuits. The credit bureaus collect information from state and county courts as well as from debt collection agencies. The types of negative information reported in the public section can have a serious impact on your credit score. Mistakes can happen; double check that items listed in this section actually pertains to you.

Credit Accounts
Lenders report information each month to the credit reporting agencies. Reporting information includes the type of account (revolving, installment), the date the account was opened, your credit limit or the initial amount of the loan, the current account balance and your payment history. Make sure that you check the information contained within each credit report line for accuracy; negative information such as late payments or charge-offs can lower your credit score.

Hard credit inquiries from banks and lending institutions remain as part of your credit report for up to two years. Hard inquiries include inquiries from banks or lending institutions where you have applied for a loan. Sometimes, your bank will make a hard inquiry when you open a savings account. Soft inquiries include credit card solicitations and do not remain part of your credit file.

Related Tags: credit scores, credit file, credit reports, credit scoring, credit information, credit reporting

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