Credit Report Basics
What is a Credit Report
A credit report is a record of your credit life. Thik of your credit history as a record, a record of your financial behavior over time. It records your credit history and activity. the names of all the companies that have exteded you credit, such as credit card companies, home mortgages and auto loans can be found on your credit report. You will also find all of your payment hisotry, balances, and account numbers on your credit report. It includes delinquent accounts such as bankruptcies, late payments, foreclosures and public records. Your report will include your recent inquires, showing who and when they reviewed your credit report. Finally, you will find your personal information, such as your name, current and former address and your current and former employers.
How does information get on my credit report?
On a monthly basis lenders submit updates and information to the three major credit bureaus, Experian, Equifax and Transunion. A lender may not report to all three bureaus so the information on each report may be slightly different. Lenders may also report to the bureaus at different times of the month which is one reason why your credit score can change throughout the month.
How long does information stay on my report?
The negative information on your credit report will usually stay on your report for 7 years from the date of last activity. A bankruptcy usually reports for 10 years from the date it is discharged. Positive information will remain on your credit report for approximetely 10 years from the date the account is closed. Inquires will report for 2 years from the date of the inquiry.
How do you check your credit report?
You should review your credit at least once per year for accuracy. It is a good idea to review your report every year from the three major credit bureaus. You can access your reports at Annual Credit Report.com. If you are turned down for credit you may also be able to request a free or discounted credit report.
How do I submit an explanation for negative information on my credit report?
You have a right to submit a statement and have it attached to your credit report to explain why you may have had a late payment or collection. This statement will be provided to anyone who accesses your credit report. Circumstances in life sometimes are out of our control, a statment might help a lender give you further consideration.
How do I fix mistakes on my credit?
Inaccuracies on your credit report must be removed if the credit bureau(s) can’t verify the accuracy of the information. It is your right under state and Federal laws to dispute the inaccurate information and to request that it is removed from your credit report.
Who can access my credit report?
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