Credit Report Information

Your Guide to Credit Report Information

The information in your credit report can mean the difference between an acceptance and a denial the next time you seek credit for a large purchase or apply for a credit card. Typically the details included in the history of your usage of credit and your level of indebtedness are expected. The basic information contained in a credit report includes your name, address, telephone numbers, social security number and your date of birth.

Beyond the basic facts, there is more to consider when you review your credit report information. A credit report may contain alias names. Your former address or addresses and old telephone numbers are also included. Many people are surprised to find even unlisted telephone numbers will be listed with the rest of your credit report information. Be sure to carefully review each item in your credit report.

A sometimes surprising credit report inclusion is your employment history. Information about your employment history may not seem relevant or even fair at first. But a person’s capacity to make timely payments is directly related to his ability to maintain at least a stable employment record. A stable source of income is a primary component when a creditor analyzes the information in the credit report of a potential debtor. Many applications are denied simply because they do not include sufficient work history. A person who has just joined the workforce, with little history included in his credit report information, may not get a loan or a line of credit until he has proven he is capable of maintaining a stable and suffcient source of income to properly satisfy the obligations associated with a credit agreement. If a person has only been working for a company for a few weeks or months the person has not yet demonstrated adequate job and income stability. The creditor must rely only on the payment history of the applicant. Many creditors are reluctant to grant credit until ample income and credit history are established. A first-time applicant will often discover no creditor wants to be the first lender to take a chance.

Some personal information should never be found in a credit report. Your age, race and marital status are not revealed to a prospective employer or creditor who conducts a search about your creditworthiness. Credit and employment decisions cannot be based on such personal information. Other information that should not be listed amongst your credit report information involves bankruptcies and older debts. Bankruptcies that occurred more than ten years ago should not appear in your credit report. Plus a credit report should not include debts that are over seven years old. Because mistakes often occur in credit reports it is generally a good idea to review your credit report regularly regardless if you are seeking credit or employment. Some old debts may still show up and bankruptcies may not disappear in a timely manner. It is always a good idea to confirm the accuracy of the information in your credit report.

You are entitled to free access to your credit report information once per year from each of the three major credit reporting companies. AnnualCreditReport.com allows you to request a free credit file disclosure, commonly called a credit report, once every twelve months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. AnnualCreditReport.com is the official site to help consumers obtain their free credit report. You may find it beneficial to seek a credit report from one company about every four months. With such a schedule you can gain access to your credit report information free throughout the year. Any surprises can be discovered more readily and corrected more quickly.