Everything You Always Wanted To Know About Your Credit Report

Your credit report is a very powerful report that essential controls what you can and cannot do in your life. Unfortunately many people aren’t aware of what a credit report actually is and what information is contained on the report. This article breaks down what is contained on your credit report and tells you everything you always wanted to know about your credit report but were afraid to ask.

Your credit report is nothing more then a very detailed snapshot of your financial history that is furnished to anyone supplying you credit from the credit bureau. There are three main credit bureaus that handle a majority of these credit report request. They are Experian, Equifax and Trans Union. Each of these organizations are private in nature and routinely furnish your credit information when asked to do so for a fee.

Generally speaking the credit reports provided by the credit bureaus are very detailed and very accurate. For instance it’s not uncommon for them to have information regarding missed payments as far back as 6 or 7 years. They collect this information in order to provide it to creditors prior to their providing any form of credit to a consumer seeking credit. The creditors can use the information they receive to determine if that same consumer can be considered a good credit risk. A good rating allows for more favorable credit terms while a poor rating essentially ends any chance for a consumer to obtain credit in the first place.

The amount of time that a blemish (such as a missed credit card payment) stays on your credit report can vary but normally these negative items are deleted after 7 years thanks to the Federal Fair Credit Reporting Act. Bankruptcies are another matter entirely and they normally remain in place for up to 10 years. Keep in mind that credit inquiries stay on your credit report for 2 years so closely monitor the number of times you apply for credit since a high number of inquiries can be viewed in a negative manner.

Until recently in order for a consumer to view their credit report they had to order a copy from one of the three main credit bureaus and pay a small fee. However new laws now allow for 1 free credit report every year to any consumer that wishes to see their credit report.

The power of your credit report is incredible. Even if you have built up a positive credit report any missed payment no matter how small the amount can result in a denial of credit. The best advice most credit can give is to stay current on your entire monthly financial or reoccurring obligations and don’t overextend yourself financially.

Hopefully this quick article answered a few of your questions regarding your credit report. More detailed information can be found in various locations throughout the Internet. Don’t forget to request your free copy of your credit report so you can see where you stand in the eyes of future potential creditors.

Identity Theft - Don't Think You Are Immune

As identity theft goes more than prevalent, the need to regularly check your credit report is very
easy to see and understand. Two large newspaper headlines in the intelligence recently point to how closely tied your
credit report and identity theft are.

First, we hear of the problems of Choice Point, a company involved in the storage and distribution
of credit information. It looks some criminals put up a fake company and used it to obtain
sensitive credit information. Then in bend they used it to steal the personal identities of about 750 people. That number will probably grow, since more than than than 500,000 people across the country have got been
set at risk.

Second, come ups the narrative about missing computing machine tapes containing credit card records of more
than 1.2 million of Bank of America cardholders. Most of the accounts belonged to federal
authorities employees. This have placed the account holders in danger of increased hazard of
identity theft.

Both of these companies are now in the procedure of notifying the people of their exposure. The
truly bad portion of all the problems is these leaks and losings occurred calendar months ago. These two
companies were not very quick in notifying the people affected. Manner too much damage could
have got been done before they had been alerted to the trouble.

While the newspaper headlines may change, the need to check your credit report makes not. You may be very
careful. You may scintilla your documents, the credit card and other financial solicitations you
have in the mail. You may take great care how and where you give out your financial
information. Unfortunately as these narratives show, it may not be enough.

Identity theft impacts about 10 million victims per year. It have been estimated to cost consumers
and businesses more than 50 billion dollars a year. It is easily among the fastest growing
classes of achromatic neckband crime. You need to make all you can to struggle theft of your identity.

A new law have been set on the books by the United States Congress to assist armed combat the losses. It allows the
you, the consumer to bespeak a free credit report from the credit agencies once a year. You should
not waver to take advantage of it. However, the law have a rollout characteristic which makes not allow
full access for all Americans until September 1 of this (2005) year.

While this is a measure in the right direction, in typical manner the authorities goes on to go forth the
public exposed. You should access your credit report much more than often than once a year. If an
identity theft takes topographic point just after receiving the free credit reports, an tremendous amount of
damage can be done before you can reexamine your adjacent free report.

The Federal Soldier Trade Committee have got set together a listing of inquiries and replies concerning this
new law and the consequence it will have on your credit report and your hazard of identity theft. They can
be helpful to you in determining your rights under the law

It do sense to check your reports regularly, as often as, on a monthly basis. This may look a
spot much to you, but just inquire a individual who have had their identity stolen how much fuss it is to
take your life back. They will state you it is well deserving the effort. Let’s human face it, no 1 cares as
much as you, about your credit record, and the damage that identity theft could cause in your life.

Fixing A Credit Report

Fixing a credit report starts with seeing what's on it. You may get access for free online. Try a search for "free credit report." Alternately, when you are denied credit based on a report issued by a local credit reporting agency, you can bespeak a free credit report from that agency within 30 days.

A quick expression and you'll have got an thought why you were denied credit. Now how make you repair what you see? What if you happen wrong information on the report? What if you desire to change information that is accurate, but unfair?

First, if there is anything you desire to difference in the report, you can compose a missive to the agency. State them exactly what is incorrect, and they must investigate. Send transcripts of any documentation, such as as canceled checks, and direct it all by certified mail.

The agency must reach the beginning of the moot information. If they recieve no confirmation within 14 days, they must cancel the point from their files, and direct you an updated report. You can demand that they direct the corrected report to all creditors that recieved your credit report in the former six months. This last portion won't be done automatically, so be certain to demand it.

Honestly, if the point is under $500, or is more than than a twelvemonth old, usually creditors don't trouble oneself to respond. This agency fixing a credit report is possible even if it isn't incorrect. Also, if you don't win on your first attempt, you have got got the right to difference the point again after 30 days.

Put Explanations On Your Credit Report

When an point can't be removed, you have the right to add a 100-word account permanently to your credit report. All who recieve the report will see your explanation. For example, if you had a valid statement with your physician over a charge, you can explicate the details.

Fixing a credit report may take a long clip if it is based on a history of late payments and loan defaults. But even in this case, you can rectify small errors, and explicate anything that isn't fair. This volition do it look a small better while you begin paying measures on clip and doing the other things necessary.

Home Loans - Repair Credit Errors in Three Days!

Most consumers are aware that a history of paying measures late or not at all tin ache one’s ability to obtain a loan. All financial transactions are recorded by three credit bureaus and offered to lenders upon petition in the word form of a credit report. That report incorporates the all-important credit score, which determines whether or not the borrower is a good hazard for a loan. If you have got a poor payment history, you could be out of fortune when you seek to obtain a loan. The same uses if there are mistakes on your credit report that suggest that you may present a greater hazard to the lender than you really do. Traditionally, it have got taken calendar calendar months to unbend out problems on a credit report, and borrowers who are eager to fold on a mortgage or home equity loan may not have months to wait. What can be done? A relatively new mortgage-related merchandise known as rapid rescoring can, in some instances, hole problems on a credit report in as small as three days.

We have got covered the subject of credit repair in former articles. The impression that there are companies that tin hole bad credit reports is a myth. If you have got a history of not paying your bills, no company you can engage can do that peculiar problem travel away. The lone manner to repair that is to go responsible, wage your measures and retire your credit card balances. On the other hand, if you happen yourself ready to purchase a home and suddenly discover that there is an mistake on your credit report that volition impair your ability to measure up for a loan or your ability to obtain a good interest rate, there may be a solution. Companies that specialise in rapid rescoring work with both lenders and the credit bureaus to hasten the procedure of removing mistakes from a credit report. It’s not magic; you will need to supply written cogent evidence that the mistake is legitimate, but once you submit it to your lender, they can go through it on to the rescoring company, who will manage the remainder of the transaction. The procedure is often completed in three business days, although it can sometimes take as long as two weeks. Still, that’s A enormous improvement over the 1 to three calendar months it may have got taken in the past.

Rapid rescoring have turned out to be a moneymaking business for the companies that specialise in it, and lenders love it because it assists more than buyers measure up for loans. While it is a nice service to have got available, most consumers would be better off preventing such as mistakes in the first place. The best manner to make that is to regularly check your credit report for mistakes and maintain it up to date. You can obtain a transcript for free from the free credit report Website. In a pinch, however, rapid rescoring have been a enormous last-minute tool for economy borrowers from being turned away from the house of their dreams.

Short Term Loans...are they right for you?

With less than a hebdomad before she was to have her adjacent paycheck, Roni was faced with a problem that billions of Americans experience at some point in their lives: measures that are owed and not adequate cash available to pay them. Faced with a quandary of late fees and a lower credit rating, many consumers with no options left bend to credit card advances as a stop-gap resolution for their problems. Unfortunately, for many Americans, they either make not have got a sufficient line of credit available to tap in emergencies states of affairs like Roni's or their credit is maxed out. So, what make they do? Like so many consumers are learning they can turn to suppliers of short term loans like those establish on the internet. Let's return a expression at some of these options to see if they are right for you!

Loan options change amongst providers, but they typically allow borrowers to apply for a loan on one business twenty-four hours and have finances deposited to their checking account the following business twenty-four hours upon approval of their application. Most lenders necessitate that you have got a checking account that have been unfastened for a minimum of 90 days, that the borrower be at least 18 old age of age, and that the borrower be employed or receiving a regular monthly check [pension, societal security, etc.]

Loans are short term with many beingness in the vicinity of 7-14 days. As in the lawsuit of Roni, she could bespeak a 7 twenty-four hours loan and pay her rule back with interest once her paycheck was deposited in her account. If for some ground she was not able to refund on time, she could bespeak an extension which would ensue in higher interest charges.

The reputable suppliers explicitly warn consumers to be disciplined by paying their loans back on time. In addition, quite a few volition not allow you take another loan out until respective years after your former loan was paid off; they acknowledge that it isn't in the consumer's best financial interest to be overly dependent on this peculiar loan system.

Loan rates change and some lenders will give you a lower rate if you pay your loan back early. Rates of $10-18 per $100. borrowed are the norm for the shortest term loans, but can lift significantly for longer terms. Consumers are advised to weigh their options carefully before making any loan commitment.

So, what did Roni do? She applied to a short term lender and borrowed $500. for 7 days. She was charged $15 per $100. borrowed which meant that she paid her lender back $575. once her loan was due. Roni calculated that she avoided steep late fee punishments and a lowered credit evaluation by securing a short term loan. Her creditors were satisfied and her credit evaluation was left in good standing.

The Truth About Your Free Credit Report

The free annual credit report have already made a bend in court. Somehow the significance of the word "free" is very hard to understand for some people.The Carnival Credit Reporting Act (FCRA) necessitates each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to supply you with a free transcript of your credit report, at your request, once every 12 months.You should inquire yourself the following inquiries to see if you are fully informed about your free credit report:How make you order your free credit report?What information make you need to supply to get your free credit report?Why would you desire a transcript of your free credit report?How long makes it take to get your free credit report after you order it?Are there any other states of affairs where you might be eligible for a free credit report?Should you order a free credit report from each of the three nationwide consumer reporting companies?What if you happen mistakes – either inaccuracies or uncomplete information – in your free credit report?What tin you make if the consumer reporting company or information supplier won't rectify the information you challenge in your free annual credit report?How long can a consumer reporting company report negative information? Can anyone else get a transcript of your free annual credit report?Can your employer get your free annual credit report?

Know Your Credit Score Before Applying for an Auto Loan

It is of import to cognize what your credit score is before you apply for an auto loan.

Finding out your current score ahead of clip will assist you determine what lenders may open up a new line of credit for you and what rates you may measure up for.

To obtain your functionary credit score you will desire to obtain a transcript of your credit report from each of the three national credit bureaus - Equifax, Experian and TransUnion. Although Equifax is the most widely accessed credit bureau, lenders may get their reports from one of the other two bureaus. An mistake on any 1 of these reports could lower your score and consequence in you being denied credit.

Listed below is the contact information for each of the national credit bureaus:

Equifax

Equifax Credit Information Services, Inc.
P.O. Box 740241
Atlanta, gallium 30374
1-888-766-0008
www.equifax.com

Experian

National Consumer Aid Center
P.O. Box 2002
Allen, Texas 75013
1-888-397-3742
www.experian.com

TransUnion LLC

Consumer Disclosure Center
P.O. Box 1000
Chester, dad 19022
1-800-888-4213
www.tuc.com

To protect your privateness and verify your identity, each agency necessitates that you supply your full name, cogent evidence of current address, computer addresses and Nothing codifications for topographic points you have got lived in the past 5 years, day of the month of birth and societal security number.

If you are ever denied credit for any reason, you can get a free transcript of your credit report from the national credit bureaus. Otherwise, the cost to obtain a transcript of your credit report is usually around $9 but may be cheaper in some states. You will need to bespeak your credit score separately. Experian charges an further fee for a credit score request, with a concerted $14.95 charge for both.

Once you obtain your credit score you will cognize how easily you can get an auto loan with good rates and terms. The near your credit score is to 750-850, the better off you'll be. If you credit score is in the 600 range or below you will desire to happen out from lenders what the range of credit scores they will accept before applying for any loans.

Finding out what range of credit scores lenders will accept may also assist forestall your credit score from being reduced further. Every clip a lender checks your credit score, the credit bureaus do a record of the inquiry. Too many enquiries can be seen as a mark of financial instability and your credit score could be lowered as a result.

The clip you take to happen out your credit score on your own, will salvage you clip and fuss later on as you get searching for an auto loan that is right for you.

What Can I Do To Get Credit?

I can't retrieve one individual instruction me anything about credit when I was growing up. Can you? Most likely... your reply is no.

Well, that's because most people in this country don't desire or like to speak about credit, debt or financial matters, especially with their children.

So you travel along thought nil of it until the twenty-four hours you recognize you have got got a occupation and now you desire to have some material but you don't have any cash to purchase it. Don't fret...

If you have got no credit history at all you can still get credit.

There are respective ways for a first-time borrower to get credit. If you have got a good banking human relationship where you maintain your checking account, start out by talking with one of the client service people there. Explain your state of affairs and see what they can make to help. Many modern times you can get approved for a Visa or MasterCard with a relatively small limit. As you set up your payment history with the credit card issuer they will raise your limit.

Here is another strategy that plant for a batch of people:

Go to your bank and inquire to borrow an amount equal to some part of your nest egg account balance. State them that you will secure the loan with the money in your nest egg account. It is not likely that you will be turned down because this is a certain thing for the bank. They set a clasp on that amount in your nest egg account and they won't let go of that clasp until the loan is paid. They have got very small opportunity of losing their money. As an added benefit you will likely get a lower interest rate because the loan is secured 100% by your money.

Now, do your regular monthly payments on the loan. Don't pay it off early, don't pay it off late. Wage it off 100% on time. This shows the bank that you are capable of keeping your word. If you pay it all off in one calendar month then you really haven't established a true loan payment history and you've wasted your clip and money.

Once you have got got the loan paid off, of maybe three-quarters of the manner paid off, apply at one of the national section shop iron for one of their shop cards. You should be approved, all things being equal, without too much difficulty. Stay away from the "big bucks" shop and travel with person like K-Mart Oregon Target for starters.

Make small purchases monthly and pay the amount off in full each month. Bash this for nine or 10 months, then travel back to your bank, and inquire for a Visa or MasterCard. With the bank loan behind you, and your good section shop credit history, you should be approved if even for a relatively small balance.

If you apply for credit but experience you were unfairly denied, you make have got got some options.

If you are denied credit in the U.S. then you have rights under the Peer Credit Opportunity Act. This law necessitates a creditor to direct you a notice that states you exactly why your credit application was rejected. You have got the right to obtain further details, if you inquire for them, within 60 years after you've been rejected.

The law forbids indeterminate and unreasonable replies such as as "We just decided no", or "You don't ran into our credit standards". Answers such as as "Your income is not high enough", or "You haven't been on your occupation long enough" are considered valid.

You may also happen out that you were turned down because you have got got got balances that are too high on your charge cards, or you have too many loans. These are also valid grounds for rejecting your application. Of course, you may always reapply once you have got got paid these balances down.

If you are told that you were denied credit because of points appearing in your credit report then you have a right to reach the credit-reporting agency that provided that information, within 60 days, and obtain a free transcript of your credit report. You also have got the right to difference any mistakes that you happen in that credit report. Contact the client service section for the credit agency and they will be happy to assist you register the disputes. They have got got a legal duty to be fair and they cannot garbage to assist you.

Credit is a very powerful tool to have in your armory especially when you desire to purchase a car or a home. If you maltreatment your credit it can take old age to reconstruct it. Don't travel "credit crazy". Be reasonable and don't take on more than debt than you can handle. Don't charge things that you can pay cash for. Debt constructs up quickly and it can destroy your life if you are not careful.

Big Brother Knows What's in Your Credit Report - How About You?

Whether you are aware of it or not, credit bureaus have got been keeping checks on you and how you utilize credit. When it's clock for you to apply for a mortgage, credit card, or personal loan, your credit report is what lenders look at to make up one's mind to O.K. you or not.

Information about you is collected and stored in national repositories. Every clip you apply for credit, whether it's a retail shop charge account or an auto loan, the information you supply gets sent to the credit bureaus. When you are late paying a loan, it demoes up on your report. If you have got ever been in a difference with a merchant and you refused to pay them, the merchant can report your non-payment to the credit bureaus for all lenders to see.

Your credit history is an of import portion of getting a loan. By getting a glance of how you handled debt duties in the past, lenders can gauge the likeliness that you will pay back their loan in the future.

What's in your credit report?
Credit reports are wedge full of dainties to maintain your lender busy. If you have got never seen your report, you may be surprised at how much information is actually gathered.
Personal Information.
This subdivision includes information that places you by name, address, and Sociable Security number. It gives your day of the month of birth and employment history. Information in this subdivision is not used for scoring purposes.
Credit Lines.
This is the meat and potatoes of the credit report. It demoes all of your credit accounts and listings the inside information of each. These inside information include creditor's name, type of account (credit card, auto loan, school loan...), account number, day of the month the account was opened, current balance, past owed amounts, credit limit, and payment history. It will name whether you usual wage on clip or are normally late 30, 60, or 90 days. The report will also demo any closed accounts that you have.
Credit Inquiries.
An enquiry is an event where a company inquires the agency for a transcript of your credit report. Any company that have accessed your credit report in the last two old age will be listed.
Public Record and Collection Items.
Any information about you that is public record from tribunals or debts reported by aggregation agencies will be listed here. Court information can include bankruptcies, foreclosures, liens, and other judgements.

Who is Big Brother?
The three major credit bureaus are Equifax, Experian, and Transunion. The information that they have got on you may not be identical. One may have got got accurate records, but another mightiness have an mistake that tin forestall you from getting a loan. Since you make not cognize which agency a lender will utilize to alkali their approval decision, you should inspect your report from all three bureaus. Equifax offers a 3 in 1 report where you can see your credit report from all three bureaus in a single transaction.

Before you apply for any loan it is wise to reexamine your credit report. This manner you can repair any mistakes before the loan procedure begins, saving you clip and defeat if you get rejected owed to a correctable problem caused by large blood brother and not you.

Repairing Your Credit Score and Clearing Derogatory Marks on Your Credit Report

Raising your credit score can be a fairly simple and straightforward procedure unless you have got derogative Marks that need to be disputed (which will be explained below).

The grounds for bad credit can be as follows, high balances, bankruptcies, late payments, and many others. The most important thing you can make to raise your score is to change your financial habits. Chances are that if you have got a bad credit score, you did something to do it that way. Here are some of the best ways to quickly raise your credit score:

1. The most obvious: pay off your debt! This doesn't include a home mortgage, but rotating balances such as as credit card debt, a car loan, etc.

2. Brand every payment on time. This is the most of import factor in your credit score rating. If you have got had late payments in the past, it will take some clip to see existent consequences from your on-time payments, but maintain it up, sooner or later the credit agency will detect the change in your payment habits. Develop the outlook that no late payment is acceptable!

3. If possible, wage over your minimum amount. This is especially of import with credit card balances, and will reflect a flimsy encouragement in your score.

4. If you have got paid off all your debt, and your credit score looks to be at a base still, you might desire to do small purchases each calendar month with your credit card and pay them off immediately. Often modern times the credit bureaus like to see at least some sort of activity. Otherwise, they have got no manner to gauge how you are doing financially.

5. Be patient! Sometimes repairing credit can be a long and arduous process. Especially if you have got had a bankruptcy. It can often take the better portion of a twelvemonth or more than to see any important rises in your score.

Clearing a derogative grade on your credit report:

This is probably the most hard in sees to credit repair. If you have got requested a transcript of your credit report, and notice a problem (an illustration would be a late payment mark), that shouldn't be there, you need to take action to get the derogative grade cleared as soon as possible. It is extremely of import to get your credit score cleared before you attempt to get prequalified for mortgage.

Here are the stairway you should take:

First of all, if you are in contact with a loan officer, you may desire to depict the problem you are having to them. They can be very helpful when it come ups to credit repair, and should cognize exactly what to make if you have got a bad grade on your credit that is a mistake. In some cases, they may even name the creditor for you to turn to the situation.

Second, you should name your creditor and each credit agency to happen out which course of study of action you should take. In most cases, writing a missive will do. Here is an illustration letter:

Date 00/00/00

Dear Large Credit Bureau,

This missive is a ailment that you are reporting inaccurate and/or uncomplete credit information on my credit report. I am displeased that you have got included the below information in my credit profile that includes the following errors. Credit reporting laws guarantee that bureaus report 100% accurate credit information.

The following information concerning my credit report needs to be re-investigated. I respectfully petition to be provided cogent evidence of this alleged point on my credit report. If this cannot be provided, the point must be deleted from my report as soon as possible:

CREDITOR AGENCY, acct. 123-34567-ABC

The listed point is inaccurate and/or incomplete, and is a serious mistake in reporting. Please cancel this information, and supply a corrected credit profile to all creditors who have got received a transcript within the last 6 months, or the last 2 old age for employment purposes. Also, delight supply the name, address, and telephone number of each credit grantor or other subscriber.

Under federal law, you have got 30 years to finish your re- investigation. Be advised that the verbal description of the process used to determine the truth and completeness of the information is hereby requested as well, to be provided within 15 years of the completion of your re-investigation.

Sincerely,
your signature

Your Name
SSN# 123-45-6789

Unfortunately, you will need to compose 3 separate letters to each of the 3 major credit bureaus. Here are the contact computer addresses for each:

Trans Union
P.O. Box 1000
Chester, dad 19022
1-800-888-4213

Equifax
P.O. Box 740241
Atlanta, gallium 30374-0241
1-800-997-2493

Experian
P.O. Box 2104
Allen, Texas 75013-2104
1-888-397-3742

Do it Yourself Credit Repair May be Your Best Bet

If you're in the frustrating place of paying off debts that are becoming too expensive to manage you may desire to see debt consolidation. Debt consolidation won't lower your overall debt but it could salvage you a significant amount of money that would otherwise be eaten away in interest.

The amount of money you pass on interest payments for a mortgage or auto loan is roughly the same each calendar month and be givens to lower over time. With credit cards, the amount of interest you pay each calendar month will lift along with with your balance. Use your credit cards a batch while making only minimum required payments and you'll pay off small or none of the principal amounts owed. As your credit card debt increases, your interest payments alone could lift out of control.

Debt consolidation is designed to assist easiness the load of runaway debts and out of control interest rates. When you take out a debt consolidation loan you'll typically take out adequate money to pay off your high interest credit cards or other debts all at once. You'll then have got one new monthly payment to do on your debt consolidation loan at a much lower interest rate. The lowered interest rate could salvage you 100s or even thousands of dollars throughout the life of the loan.

Whether you choose for a debt consolidation loan or a credit card balance transfer the conception is essentially the same. With a balance transfer, the creditor you are consolidating with volition wage off the high interest debts you desire to get quit of.

Although it can be an first-class manner to reduce debt, consolidation is not without its ain risks. A single missed or late payment could ensue in your low interest rate rising even higher than you've ever had to pay before. Brand certain you read the mulct black and white before sign language up for any debt consolidation program or balance transfer. If the punishments for making a late payment aren't clearly spelled out or expression too harsh, look elsewhere for your debt consolidation needs.

Consolidating your debt can be a rewarding or risky proposition depending on your financial situation. Only careful planning and a full apprehension of the professionals and cons of any debt consolidation program will assist you get ahead financially.

How to Read an Equifax Credit Report

The Fair Credit Reporting Act (FCRA) requires each of the Nationwide Consumer Reporting organizations (Equifax, TransUnion and Experian) to provide you with one free credit report every 12 months per your request. This means that you are entitled to three free credit reports per year, if you deem it necessary. You can stagger the requests or order all of them at the same time.

Each of the National Consumer Credit Reporting bureaus have a unique credit report format, but in essence they provide you with the same information. When you receive your free Equifax credit report use the following guidelines to read your report:

Personal Information

This section will detail your personal information: Name, Social Security Number (SSN), date of birth, any former names, death notice information, current address, previous addresses, any other identification numbers that you may have, current employer and previous employers.

You will also find information about any fraud alerts that you may have against your credit report.

Account Information Summary

You’ll find a list of all your accounts here. Additional information will include account type, account number, date account was opened, account balance, any past due amount, account status and credit limit.

Inquiries

Any inquiries against your credit file will be listed in this section. This section is divided into two subcategories: (a) Inquiries that display to companies and may impact your credit score. (b) Inquiries that do not display to companies and do not impact your credit score.

“Inquiries that display to companies and may impact your credit score”
These are inquiries by potential creditors who are assessing whether to extend you a line of credit or not. Your credit score will be minimally affected and therefore these inquiries should not be of major concern, unless there are some red flags. The name of the company that requested the information and the date they requested it will be listed.

“Inquiries that do not display to companies and do not impact your credit score”
Unlike the previous inquiries – these do not “hurt” your credit score. They include inquiries for pre-approved credit lines, insurance, or account reviews by existing creditors. The name of the company that requested the information, the date they requested it and the type of inquiry will be listed.

Collections

Any accounts that have gone to collections will be listed here along with the name of the creditor, date reported, creditor type, your account number, original amount, dates of delinquency, outstanding balance and status information.

Public Records

Bankruptcies, liens or judgments information from federal, state or county court records will be listed here. Each public record will indicate the type of record, case number, amount in default and any relevant information associated with that particular case.

You may also find the following credit report terms helpful:
CURR ACCT – Account is current in payments and in good standing.
CUR WAS 30-2 – Account is current was 30 days late twice.
PAID – Account has been paid off and has a $0 balance and is inactive.
CHARGEOFF – Unpaid balance on account was reported as a loss by creditor and the creditor is no longer seeking reimbursement.
COLLECT – Account is severely delinquent and assigned to collections.
FORECLOS – Property was foreclosed.
BKLIQREQ – Debt was forgiven due to Chapter 7, 11 or 13.
DELINQ 60 – Account is 60 days delinquent.
INACTIVE – Account is inactive.

Sample Equifax credit report