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Your credit report includes public records, credit account history, credit inquiries, and personal information. Your creditors and lenders have reported this information to the credit bureaus. Much of it is used to determine your FICO® Scores, which are used to tell potential lenders how creditworthy you are.
All credit reports include essentially the same categories of information, despite the fact that Experian, Equifax, and TransUnion, the three credit bureaus, format and report your information differently. These four categories are public records, credit accounts, credit inquiries, and identifying information.
4 Categories of information in a credit report:
- Information that can be used to identify you personally includes your name, address, Social Security number, birthdate, and job details. Your PII is not used to calculate your FICO Scores. Information you provide to lenders when you apply for new credit is what updates this data.
What to look for when viewing PII:
Check your name spelling and current address in the report. Make sure the digits in your Social Security number weren’t accidentally transposed. Make sure to dispute any inaccurate information with the credit bureau(s) whose report contains it if any of this information is inaccurate.
Additionally, a “Personal Statements” section may contain items such as a fraud alert, power of attorney comments, or a security freeze. Ensure any Personal Statements are correct.
- Credit Accounts Lenders provide information on every account you’ve opened with them. They disclose the kind of account (auto, mortgage, credit card, etc.) ), the day the account was opened, the credit limit or loan amount, the account balance, and your payment history, which includes the timelyness of your payments
Maintaining the integrity of your accounts is crucial because this data constitutes the majority of the formula used to determine your FICO Score. Take a look at this explanation of the FICO Score calculation process.
What to look for when viewing credit accounts:
When an account is in good standing, it indicates that you have fulfilled the conditions of your contract with the creditor and have made your payments on schedule. Even though the report indicates that you are in “good standing,” you should still confirm that you are aware of this account (verify the account name and number), and that the balance, date of opening, payment status, and payment history all correspond with the information in your records.
Negative accounts show details about accounts that have not received their required payments. As with accounts that are in good standing, confirm that all details are accurate, including the account number, current balance, past due amount, and payment history. Make sure to get in touch with the credit bureau(s) and/or creditors if something doesn’t seem right.
- Credit Inquiries: By submitting an application for a loan, you give the lender permission to obtain a copy of your credit report. This is how inquiries appear on your credit report.
A list of all the people who have viewed your credit report in the last two years can be found in the inquiries section. The report that you view includes both “soft” inquiries—such as those that occur when lenders order your report in order to mail you a pre-approved credit offer—and “hard” inquiries—which are sparked by your requests for credit. Only the “hard” inquiries on your credit report are visible to lenders. “Soft” inquiries are only visible to you.
Your FICO score is unaffected by “soft” inquiries, but a high number of “hard” inquiries may indicate greater risk and lower your score. Find out more about how inquiries may impact your score.
What to look for in credit inquiries:
You want to make sure that there is no “funny business” associated with your credit, just like you would with any other category of your credit report. Verify who has looked into your credit and whether it was shared with you alone or with other people as well. The name, business type, and inquiry date of the creditor who made the request will all be displayed on your credit report. Check with the credit bureau(s) and inquire about the necessary course of action if necessary if you come across a dubious business name or don’t understand why a particular company has investigated your credit.
- Public Records and Collections: State and county courts provide credit bureaus with access to public record information, including bankruptcy records. Overdue debt that has been forwarded to collections can also be found on your credit report.
Remember that it’s not the end of the world if a debt collection shows up on your credit report. Although there are no quick fixes for credit repair, you can raise your FICO score with tried-and-true methods.
What to look for in public records:
Your credit report will show a Chapter 7 bankruptcy for ten years following the date of filing. A Chapter 13 bankruptcy is expunged seven years after it is filed. If either of these are mentioned in your report, bear this in mind.
Recall that you should constantly confirm the accuracy of the information on your credit report so that when you apply for credit, your lenders can view the most recent FICO Scores. You should contact the relevant credit bureau if you discover a mistake on your report. Also available here are Experian, Equifax, and TransUnion’s contact details.
See how to understand your credit report:
To receive a free estimate of your FICO® Score range, simply answer ten simple questions.
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FAQ
Which information is found on a credit report quizlet?
Information from collection agencies, public records, credit card or loan information, personal information, and a list of people who have requested a copy of the report are all included in the report. Mark intends to apply for a new credit card in order to finance the purchase of a new computer.
What does a credit information report contain?
A thorough overview of your previous credit transactions or repayment history can be found in your Credit Information Report (CIR). The credit information report includes comprehensive details about every loan the consumer has ever taken out and every repayment they have ever made to lending institutions.
What information is provided in the credit report list?
Information that can be used to identify you, such as your name, date of birth, address, and employer, is included in your consumer credit report. It also contains details regarding your repayment history and how you’ve managed any previous or present consumer loans or debts.
Read More :
https://www.myfico.com/credit-education/whats-in-my-credit-report
https://www.cnbc.com/select/what-is-a-credit-report/