What's In Your Credit Report?
Remember when people used to tell you that anything you did in school would end up in your “permanent record?” Well, your credit report is a lot like that elusive permanent record. The good news is that items can only stay on your credit report for a set number of years – usually 7 years – depending on what they are. So, your credit report is a snapshot of your payment history on all of your accounts over the last 7-10 years.
Usually before people buy Credit monitoring services they question about what they will find in their credit reports. A typical credit report consists of details regarding your financial behavior and information about your credit accounts. The report is very easy to understand and is extremely consumer friendly. The report is also known as credit history and credit file. If you had a copy of your credit report, you would be better able to understand the different requirements lenders, landlords and financial institutes would want to see in your credit history.
You will find four things in your typical credit report:
First, your credit report will list your name, current address, telephone number, date of birth, employment history and social security number. Any taxes that you have missed in past 15 years are also shown. Other information included are the account details such as account opening date, credit and loan limit, monthly payments and payment patterns.
You will even get all the details on who has seen your credit information in the past seven years. Often credit grantors ask for permission to view your credit report, if you give them permission they will be able to view your credit report without your permission next time. However, whenever an inquiry is made, it will appear on your credit report.
Your credit report will not provide any information about your race, religion, personal lifestyle, friends, political references, criminal record and any other kinds of information not related to credit.
Understanding your credit report is an important first step in getting the lowest interest rates and best loan offers.
What is your credit score? Click here