What Details Appear On My Credit Report?
Most consumers have finally realized how important it is to maintain a good credit rating
, but the majority of individuals still don't have a thorough understanding of exactly what details actually appear on the report from the credit bureau. In order to ensure that a credit report is as accurate as possible, a person must first know what information should be present.
All three credit bureaus report standard demographic data such as name, address, date of birth, social security number, and employer. The names included on a credit report will often range from the correct name to variations that might contain misspellings. Although the name portion is present on any credit report, the truth is that minor misspellings and mistakes will not negatively affect the credit score. Address information is compiled from any location in which a consumer has received mail, so it is not always the correct physical address. The last known employer is also an elective field that often contains old and outdated entries. As long as the date of birth and social security number is correct, the rest of the demographic information is much less pertinent.
The rest of the credit report is broken down into various categories with the first one being public records. Any court filings, bankruptcies, or judgments will be included in this area. There is also a section with a heading negative records, and this is typically where collections and charge-offs can be found.
Any inquiries that have been made in a 24 month period will be displayed within the credit report as well. There are both "soft hits" and "hard hits," with the primary difference being that hard hits impact a credit score and must be specifically requested. Soft inquiries often appear as a result of credit card offers and other such instances in which a consumer has not requested their credit be pulled.
The remainder of the information found on the credit report is current and past account information. Whether the accounts are considered to be revolving or instalments, the payment information and balance owed will be displayed. Any delinquent payments or maxed out credit cards will be reported, as will a routine schedule of on-time payments. Even accounts that are paid off will continue to be reported for a certain period of time, often depending on the actual lender's policies.
Most consumers believe that their utility bills and bank accounts may be disclosed in a credit report, but this is only true if a utility bill or old bank account has become a collection or charge-off. By understanding what details appear on a credit report, an individual can take the necessary steps to ensure that their complete history is correct.
by: Jamie Simpson
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