Your consumer credit report includes information to identify you such as your name, date of birth, address and employer. It also includes certain information about how you've handled any past or current consumer loans or debts, and your repayment history.
Credit Accounts
They report the type of account (credit card, auto loan, mortgage, etc.), the date you opened the account, your credit limit or loan amount, the account balance and your payment history, including whether or not you have made your payments on time.
The information that is contained in your credit reports can be categorized into 4-5 groups: 1) Personal Information; 2) Credit History; 3) Credit Inquiries; 4) Public Records; and, sometimes, 5) a Personal Statement. These sections are explained in further detail below.
Good news: Credit scores aren't impacted by checking your own credit reports or credit scores. In fact, regularly checking your credit reports and credit scores is an important way to ensure your personal and account information is correct, and may help detect signs of potential identity theft.
For example, late payments are allowed to remain on a credit report for as long as seven years from the date of their occurrence. This includes any notation that one or more of your accounts was 30, 60, 90, 120, 150 or 180-plus days past due. These are the only late payments that can appear on your credit reports.
Race, religion, national origin, sex, and marital status
The Consumer Credit Protection Act prohibits the use of this information by lenders, as well as the receipt of any public assistance, or the exercise of any of your consumer rights.
Your credit report does not include your marital status, medical information, buying habits or transactional data, income, bank account balances, criminal records or level of education. It also doesn't include your credit score.
However, they do not consider: Your race, color, religion, national origin, sex and marital status. US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.
Your bank account information doesn't show up on your credit report, nor does it impact your credit score. Yet lenders use information about your checking, savings and assets to determine whether you have the capacity to take on more debt.
When you request a copy of your credit report, you will see a list of anyone who has requested your credit report within the past year, including any employers or prospective employers who have requested your report within the past two years for employment purposes.
Your credit report can't be obtained by just anyone. The FCRA lays out in what situations a credit reporting agency can provide others access to your report. Even those who want access to your report can only ask for it if they have a legally permissible reason to do so.
Key Takeaways. A person or business is considered to have bad credit if they have a history of not paying their bills on time or owe too much money. Bad credit for individuals is often reflected in a low credit score, typically under 580 on a scale of 300 to 850.
There are three main credit bureaus that handle the details that make up your credit scores: Equifax, Experian and TransUnion. While each of the credit bureaus offers an array of products and services, they perform the same set of tasks when it comes to monitoring consumer credit information.
No, requesting your credit report will not hurt your credit score. Checking your own credit report is not an inquiry about new credit, so it has no effect on your score.
Different credit scoring agencies calculate your credit score slightly differently. If your credit report shows scores out of 1,200 then as a rule of thumb a score above 853 is excellent while above 661 is good. If your credit report shows scores out of 1,000, above 690 is excellent and above 540 is good.
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
How long do closed accounts stay on your credit report? Negative information typically falls off your credit report 7 years after the original date of delinquency, whereas closed accounts in good standing usually fall off your account after 10 years.
Identifying information, such as your name, has no impact on credit scores. Your credit report will list any and all name variations your creditors have reported to Experian, so your maiden name and both married names may appear.
Bankruptcies: Seven to 10 years
Conversely, a Chapter 7 bankruptcy can remain on your account for up to 10 years from the filing date. A bankruptcy is one of the most harmful negative items to your credit score and can reduce your score significantly.
The most important thing you can do to improve your credit score is to pay your bills on time, paying at least the minimum amount required. Set up autopay on every account possible to ensure you never make a late payment.
A poor credit history can have wider-ranging consequences than you might think. Not only will a spotty credit report lead to higher interest rates and fewer loan options; it can also make it harder to find housing and acquire certain services. In some cases it can count against you in a job hunt.
If you want to fix a bad credit score, you have to show lenders you can borrow money and pay it back on time. If you have a poor credit score, you might find the only credit cards you're eligible for are credit building credit cards, or “bad credit” cards. These cards often have high APRs and low credit limits.
Hard inquiries typically require your written permission. These occur when you're applying for a credit card or personal loan, trying to rent an apartment and other situations where a business is attempting to assess your financial health for a specific purpose.
Below are the most common errors that could happen in your account: An opened account is reported closed, or vice versa. Timely account payments are reported late or delinquent. Incorrect dates of late payments.