Credit Report

What Is a Credit Report?

A credit report is a detailed listing of all the past and current accounts in your name, including credit card and bank accounts, loans, and mortgages.

Although you can get a credit report from several different sources, they usually contain the same basic information, including:

• Personal information: The first section of your report contains all of your biographical data, including your current address, date of birth, and employment. It typically includes information going back at least six years.

• Credit background: This rundown of your credit history, including how many accounts you have and how much credit card debt you carry, is the focal point of your report and helps potential lenders determine how much of a financial risk you are. It includes any negative information, like late payments or defaults, associated with your accounts.

• Credit checks: A record is made on your report whenever someone looks at it. This allows you to keep track of who’s been checking up on you, but it may also tip off potential employers to other job offers or recent loan applications that you may not want publicized.

• Public information: Any financial records filed in court, like a bankruptcy, lawsuit ruling, or lien, will be collected and included in your report.

• Disputes: This is a list of any challenges filed by you or one of your lenders over the information in your report.

Understanding Your Credit Report

Reading over your entire credit report can be a tedious task, especially if you are not sure what to look for. There are a few areas you can focus on that will indicate if your credit information has fallen into the wrong hands.

• Inaccurate biographical information: All the addresses and employment information should match up with your history. An unknown address, especially if it is listed recently, could be a sign that someone else is applying for credit in your name.

• Unknown accounts: Read through the listed accounts carefully and make sure they all correspond with your credit. If there are any old accounts you no longer use, you should contact the lenders to have them closed.

• Incorrect balances: A higher than expected balance on a current credit card or a surprise balance on an account you have not used in years should be a red flag that someone is using your information.

How to Get a Report

You can get a free annual credit report from each of the three main credit bureaus at Annual Credit Report, or you can purchase it directly from one of the three reporting companies, Equifax, Experian, or TransUnion. Buying your report gives you the option of also getting your credit score, which is the number most lenders look at to compare you to other borrowers when determining your interest rate.

When you visit a website to get your credit report, make sure it is a legitimate business and not a copycat version. There are many imposter sites with web addresses that are similar to the main reporting companies’ site. These sites often charge a high fee or make you buy other products before allowing you to access the report. In most cases, the site is simply there to steal your personal information or charge you for services they do not provide. Double-check the website address carefully to make sure it is spelled correctly before sharing your information or paying for any service. The correct addresses for the credit reporting companies are www.equifax.com, www.transunion.com, and www.experian.com.

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