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Debt Management
Know about Credit Reports
Credit Reports
Q: What Is a Credit Report?
A: A credit report is a record of your credit activities. It lists any
credit-card accounts or loans you may have, the balances, and how
regularly you make your payments. It also shows if any action has been
taken against you because of unpaid bills.
Four Common Types of Information on Your Credit Report:
1. Identifying Information: Your full name, any known aliases, current
and previous addresses, social security number, year of birth, current
and past employers, and, if applicable, similar information about your
spouse.
2. Credit Information: The accounts you have with banks,
retailers, credit-card issuers, utility companies, and other lenders
(accounts are listed by type of loan, such as mortgage, student loan,
revolving credit, or installment loan; the date you opened the account;
your credit limit or the loan amount; any co-signers of the loan; and
your payment pattern over the past two years).
3. Public Record Information: State and county court records on
bankruptcy, tax liens, or monetary judgments (some consumer reporting
agencies list non-monetary judgments as well).
4. Recent Inquiries: The names of those who have obtained copies of
your credit report within the past year (two years for employment
purposes).
Q: How Long Does Information Stay on Your Credit Report?
A: Generally, all your credit history information, good or bad, remains
on your report for seven years. If you file for personal bankruptcy,
that fact remains on your credit report for 10 years.
Q: Who can access your Credit Report?
A:
- Employers: may check your credit report to see how reliable you are before extending you an offer.
- Landlords: may check your credit report before letting you sign the lease.
- Lender: may check your credit report before offering loans that you would need to pay for a car.
- YOU: may check your credit report for free once a year.
Source: http://ControlYourCredit.gov
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Date Added: 2009-04-05 Views : 293
