What Type of Information Is On a Credit Report

If you have at some point or the other, applied for a credit card or had a line of credit there is a credit report on file about you. This report has information on how you have paid your bills, where you work, and whether you have been sued, filed for bankruptcy, or arrested. In the United States of America the companies that sell this information are called CRAs or Consumer Reporting Agencies. The most common company that sells this information is a credit bureau. This information is of interest to anyone you might want to get credit from such as landlords, credit card companies, insurers, and employers. There are three large CRAs in America, Experian, Equifax, and Trans Union.

The information in your credit report is so important to your financial future in the U.S. that the Fair Credit Reporting Act (FCRA) makes it legally possible for you to see your report. The FCRA lets you see what type of information is on a credit report filed in your name.  This means you have a right to ask anyone who is reporting on your credit for a copy of this information. You are also entitled to know who has requested your report within the last two years. If an adverse action has been taken against you based on your report such as denying you credit, insurance, or employment; you have a right to request a copy of this report within 60 days of receiving a notice of credit denial. The notice you receive should have the name, phone number and address of the CRA that sent you the information.

There are four sections on a credit report. You need to read each section carefully and understand how the information is listed.

The report will list basic information about you. Look this information over carefully because mistakes can be made and should be taken seriously. The information will include your name, social security number, birth date, employer, and spouse’s name. The credit reporting agency might also provide information on your home ownership, income, employment history, and previous addresses depending on what the creditor requests.

In the section on payment history, you will see that all your creditors are listed. These listings will show how much credit has been extended to you and how much you have paid back in a timely manner.

There is a section in the report for anything that is in the public record. Events such as bankruptcies, tax liens, foreclosures, and other issues that are a matter of public record can be found here.

‘Inquiries’ is a section that lists all instances of requests for your credit report in the last two years. If you find incorrect information you should contact the credit reporting agency immediately to get this corrected. Incorrect information can damage your chances of getting the credit you need.