Software:
Links:
|
| Your Credit History: What Gets Reported And What Does |
|
|
A credit report is a document that outlines your financial status, specifically
your credit history. The three national reporting agencies, Experian, Trans
Union and Equifax, work independently so it is advisable to get reports from all
three for an accurate picture.
Type Of Information
The
credit report contains personal, financial and public information along with
recent requests.
The credit report will provide personal information
like your full name, frequently used nicknames and aliases, date of birth and
social security number. It will also reveal your current and past addresses,
present and past jobs and if applicable, information about your spouse as well.
Financial information of all your accounts with their opening date
and credit limit are noted in it. These could be accounts with banks, credit
card companies, power and telephone companies and such like. It will also detail
your loans like mortgages, student loan and installment loans with relevant
information, such as, payment pattern, default in payment, debts that are less
than seven years old and so on. Some records will appear permanently. These are
salaries above $75,000, any credit transaction or application for a credit card
or insurance beyond $150,000 and unpaid tax liens.
Information from
public records particularly those with a financial angle will always appear.
These are usually obtained from state and county courts. It will include
convictions, arrests, charges and monetary judgments. They can appear only for
seven years. However under federal law, convictions will appear indefinitely. If
you have declared bankruptcy, the same will appear on your credit report for not
more than ten years.
Certain records do not appear. Debt records
more than seven years old and bankruptcy records more than ten years old cannot
be given in a credit report. Your age, marital status and race cannot appear if
a current or prospective employer asks for it. Medical records can appear only
with your express permission. Any information that has been erased from the
records cannot be put back again.
Thus a credit report will help a
person or organization make an informed judgment before entering into any
transaction or deal with you.
|
| |
|
|
