Wondering how a credit report is put together? Companies called “Consumer Reporting Agencies”, or CRAs, gather all sorts of information on you, and then sell it to other companies (most commonly they sell it to credit bureaus). Wondering what type of information is on a credit report? Information like your bill payment history, your employment history, and whether you have had any legal issues (such as being sued, have a criminal history, or filed for bankruptcy) is in this report. The three main CRA companies that gather this type of information are TransUnion, Experian, and Equifax Inc.
Your credit report contains very important information that is readily available for you to see at any time you request it. The Fair Credit Reporting Act (FCRA) has made it legally possible for you to review the report at any time, as well as to dispute the report at any time. Not only that, but you can see who has requested a copy of your report over the past 2 years.
You can receive a copy of your report for free, such as if you are unemployed and seeking employment within the next 60 days, if you have been denied credit you can request the report within 60 days of that date; or you can request a copy of it for free if you have strong reason to suspect that fraudulent activity has occurred, which may or may not damage your credit rating and history. Otherwise, you can easily obtain a copy for a low fee of $9.00 USD.
What Type of Information is on a Credit Report
All credit reports contain the following four sections of information:
Basic information: This information will include your name, birth date, employer, social security number (SSN) and your spouse’s name, if applicable. Home ownership, employment history, income and a prior address may also be included, depending on what the credit agency requests.
Payment History: All creditors will be listed, as well as the amount of credit that is available on those accounts. If you have paid back in a timely manner and when you paid is also available.
Public Records: If you have filed for bankruptcy, been foreclosed, criminal records and tax liens can be found here.
Inquiries: The inquiries section will list when ever your credit report has been asked for during the past 2 years. Should you discover that any information is false or inaccurate, be sure to contact the credit reporting agency immediately so that this is fixed. Information that is incorrect can really harm your chances of getting the credit or loan that you need, whether you are in an emergency situation or want to take advantage of a personal venture.
Source by Laura Palmieri