Credit Reports - Contents and Other Information
A Credit Article Contributed by Nithya K
Credit Reports and Basics Revisited
Now, we might ponder on what exactly a credit report is and what is it used for? Let us brush up our basics before we go on to finding what our credit reports contain, and what they shouldn't.
A credit report is a factual record of a person's credit payment history.It is given to companies or individuals by credit bureaus for granting credit. The purpose of a credit report is to help a credit grantor decide whether to grant credit based on the credit payment history. Basically, a credit report is a report generated from the credit file, that is a database maintained by a credit bureau containing the person's credit history.
Now that we have a rough idea what a credit report is, we can go ahead and learn about the contents of the credit reports.
What is in Your Credit Report?
The credit report is actually a credit history. It is created about you from many different sources. Many companies that have granted you credit or a loan at any point of time will be reflected in your credit report. These companies also give out regular reports on your accounts to the three big credit bureaus: Equifax, Experian, and TransUnion.
If say, you have been defaulting in your payments, then the people to whom you owe money like utilities, hospitals, landlords and others may report this information to the CRA - credit rating agencies. Your bank, might also inform the credit agency if you need to overdraw on your account. Even if you do not make a credit card, auto loan, mortgage payments on time your bank would send all this information to the credit agency.
Your credit report may also have information about any delinquent child support payments that you might have done. Its not ruled out even if it were in the past and you might have made the payment long back.
What Should Not Be There in Your Credit Report?
After discussing the contents of your credit report, we also need to be aware of the facts that should never be allowed inside the credit report. Certain pieces of information like the ones below should never see the insides of your report unless, of course you wish to:
1)Medical information
2)Notice of bankruptcy that is more than a decade old (obviously you wouldn't want your old skeletons falling out, would you?
3)Debts (also included under this are any delinquent child support payments) more than 7 years old
4)Only for California residents - records of arrest, information, or misdemeanor complaints must be removed after seven years. But as per Federal laws, records of criminal convictions may remain on a credit report indefinitely.
5)Age, marital status, or race (especially if the request is from a current or prospective employer)
Some information might remain on your credit report indefinitely. If for example, you are applying for credit, insurance or employment above the dollar limits, information can be reported beyond the usual 7-10 year deadlines.
