Credit Report

Understanding your credit report, and learning how to read it

Going over your Credit Report

When getting your credit report it can be very confusing. So let's go over the basics to help you understand your credit report. Your credit report is a document that comprehensively details your credit payment history. Have you ever owned a credit card? Or taken out a bank loan? If you have, it's likely that information regarding your account activity will be reflected on your credit report. However this is not all the information that your credit report will contain. Four types of information are reflected on your report.

First

Personal Information. This includes your name, spouse's names, social security number, current and previous addresses, birth date and current and previous employers. This data is held from your past credit applications, so its accuracy is dependant upon how completely and honestly you fill out forms each time you apply for credit.

Second

Credit information: Included is information regarding each of your accounts with banks, retailers, credit card issuers and/or other lenders. Credit limits as will as loan amounts and balances are detailed, and with patterns going back a few years.

Third

Public Information: This includes bankruptcies, tax liens and monetary judgments and in some states, overdue child support.

Fourth

Inquires: This includes the names of those who requested and obtained copies of your credit report.

Other specifics

Positive credit information will remain on your report indefinitely, although information about an account will fall off your credit report if nothing new is reported for seven years. Negative credit, however, remains on your credit report for up to seven years after the date of the original delinquency. The length of time for which a bankruptcy will stay on your credit depends on the type of bankruptcy that you file. Chapters 7, 11 and, 12 stay on for 10 year. While 13 stays on for 7 years. All other public record information falls off after 7 years. Inquiries are cycled off your credit report after one to two years, depending on the type of inquiry.