What Type of Information is on a Credit Report

If you have ever applied for a credit card, mortgage, student loan, or any other type of loan, your information is stored in a consumer reporting agency database. These agencies are responsible for collecting information about consumers who use credit. A consumer reporting agency, or CRA, is responsible for preparing credit reports for any lender who might give you credit or business wanting to check your credit. Credit card companies, financial institutions, landlords, insurance companies, and prospective employers are all examples of companies who may request a credit check. They usually purchase your credit report from one of the three largest CRAs, or credit bureaus in the United States. These credit bureaus are Experian, Equifax, and Trans Union.

The information on your credit report is personal information and can play an important role in your financial wellness. The Fair Credit Reporting Act, or FCRA entitles you to see your credit report. Any agency that provides a copy of your credit report to another business is obligated to provide that same report to you, should request it. You’ll be able to see a list of all businesses who have inquired about your credit within the last 24 months. If you have been denied credit, insurance, housing, or employment due to your credit report you are entitled to a copy of your report. You should do this within 60 days of the denial. You’re denial notice should have the name of the CRA as well as the address and phone number so that you can contact them to request further information.

No matter which CRA provides your credit report they all have four main sections. It is important to understand the information that is listed in each section. You should review the information in each section carefully to make sure it is accurate.

The first section of your credit report has basic information in it. Although this seems like an unimportant part of your credit report, it is probably the most important in terms of the accuracy. Your name and address, date of birth, social security number, and employer are all listed here. Previous addresses, employment information, and whether or not you rent or own your home may also be provided in this section if the prospective creditor requests it.

The second section of your credit report will contain your payment history. All of your accounts will be listed here. The amount of credit you have as well as you are payment record are listed in this section.

The third section contains your public record. Foreclosures and bankruptcies tax liens, and any other information available to the public is part of this section in your credit report. In

The final section in your credit report shows all the inquiries that have been made about your credit in the past 24 months.

Any information that is incorrect on your credit report should be reported immediately. Incorrect information can be a sign of identity theft or prevent you from obtaining credit when you need it.

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