What Is a Credit Report?
A credit report is a kind of credit note that contains information about your credit history, credit activities, and current credit situation such as the history of your loans and the status of your credit accounts. Credit bureaus collect credit information to create credit reports based on that information.
How Long Do Things Stay on Your Credit Reports?
Negative information on your Experian credit report will remain in for almost 7 years but bankruptcy can stay on your credit reports for ten years. Positive information can stay on regularly, but most of that information can stay for almost 10 years.
What’s Included in Your Credit Report?
Reading your credit report for the first time can be overwhelming on your side. But knowing the information that appears on your credit report and to check the credit report can make things easier.
- Your name. One of the main information that appears on your credit report is your name. There is some credit report that will spell your name incorrectly. The name you put in your application writing for creditor and lenders is the name that appears on your credit report, so be consistent.
- Your current and previous addresses. Your past and current address are also included in the credit report. If there is an address that is not yours, you can discuss it but it may be a sign of identity theft.
- Your employer. If you provide your employer information in the application, it will also appear on your credit report.
- Revolving accounts. The accounts that you borrow from over and over or the balance that goes up or down depending on your payments and purchases.
- Open and closed accounts. Your open and closed account will also appear. But the accounts that are closed for more than 7 years may not be included.
- Public records. Your public records, such as bankruptcy, repossessions, and foreclosure, if you had any will also appear on your credit report.
How to Read Your Credit Report
There are four sections to read a credit report, these are the identifying information, credit history, public records, and inquiries.
- The identifying information is all information that identifies you as the holder, these include your name, addresses, job, employer, and so on.
- The credit history is where your credit transactions are written. Your creditor and your account number are also written here.
- The public record is where all your records are written here. If you experience bankruptcy, tax liens, lawsuits, etc. it is all written in the public records.
- The inquiries are the list of people who view your credit report.
Secrets Your Credit Report Won’t Reveal
- Salary. even if your job is stated on the credit report, your salaries, however, are not. It is because your income statement is not really the measure of your capability of paying your credit.
- Your job. Although your employment information is included, your job title and the date of your employment is also not written.
- Your spouse’s credit information. If you are married, the credit information of your spouse does not necessarily be included in your own credit report.
- Private medical information. Whatever your medical report condition is, it does not appear on our credit report. However, your medical expenses and medical collection may appear.