What's in Your Credit Report
Your credit report details your credit history as it has been reported to the credit reporting agency by lenders who have extended credit to you. Every U.S. consumer typically has three reports – one at each of the three major U.S. credit reporting agencies (Equifax, TransUnion, and Experian). Often, lenders report details of your credit history to more than one credit reporting agency.
Your credit report lists what types of credit you use, the length of time your accounts have been open, and whether you've paid your bills on time. It also tells lenders how much credit you've used and whether you're seeking new credit.
Your credit report contains many pieces of information. Your credit score considers all of this information quickly, fairly and consistently. That is a big part of the reason that credit scoring is so useful to lenders and borrowers alike.
All credit reports contain basically the same types of information:
- Personal Information
Your name, address, Social Security number, date of birth and employment information. This information is not used in calculating your FICO® Score, it is only used to identify you. Updates to this information come from information you supply to your lenders.
- Your Credit Accounts
Most lenders report information about each account you have established with them. They report the type of account (bankcard, auto loan, mortgage, etc), the date you opened the account, your credit limit or loan amount, the account balance, and your payment history.
- Requests for Credit
When you apply for a loan, you authorize your lender to ask for a copy of your credit report. This is how inquiries appear on your report. Your credit report lists inquiries that lenders have made for your credit report within the last two years.
- Public Record and Collection Items
Lenders report delinquency information when you miss a payment. Credit reporting agencies also collect information on overdue debt from collection agencies, and public record information from state and county courts such as bankruptcies, foreclosures, tax liens, garnishment, legal suits and judgments. In general, these items remain on your credit report for 7 to 10 years.
Checking Your Credit Report for Errors
Because your FICO® Score is based on the information in your credit reports, it is very important to make sure that the credit report information is accurate.
You should review your credit report from each credit reporting agency at least once a year and before making any large purchases, such as a home or car.
You have the right to obtain one free credit report each year from each of the credit reporting agencies at www.annualcreditreport.com. Please note that your free credit report will not include your FICO® Score.
If you find an error
If you find an error on one or more of your credit reports, contact both the credit reporting agency and the organization that provided the information to the agency. Both parties are responsible for correcting inaccurate or incomplete information in your report as required by the Fair Credit Reporting Act.
In writing, tell the credit reporting agency what information you believe is inaccurate and request that they fix it. This is called initiating a credit report dispute. They will investigate and respond to you within 30 days. Include copies (not originals) of documents that support your position. Each of the three major credit reporting agencies offers you the ability to initiate a dispute online in order to correct errors in your credit report.
It's also important to advise the appropriate creditor or other information provider, explaining that you are disputing the information provided to the credit reporting agency.
