nderstanding your credit report is important beacause your Credit Rating follows you where you are and where you go. Let us help you maintain excellent credit or develop excellent credit.
Ingredients of a Credit Report
Although each credit reporting agency formats your credit report information differently, all credit reports contain basically the same categories of information. This includes your social security number, date of birth and employment information and other information used to identify you. These factors do not affect your credit scoring. Updates to your credit information information come from information you supply to credit lenders.
Identifying Your Credit Information
Your name, address, Social Security number, date of birth and employment information is used to identify you. These factors are not used in credit scoring. Updates to this information come from information you supply to credit lenders.
Trade Lines and Credit Accounts
These are your credit accounts. Lenders report on 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.
When you apply for a loan, you authorize your credit lender to ask for a copy of your credit report. This is how inquiries appear on your credit report. The inquiries section contains a list of everyone who has accessed your credit report within the last two years. The report you see lists both “voluntary” inquiries, spurred by your own requests for credit, and “involuntary” inquires, such as when lenders order your report so as to make you a pre-approved credit offer in the mail. If you check your own credit report, you will see an inquiry on your credit report, but it will not adversely affect your credit score.
Public Record and Collection Items
Credit reporting agencies also collect public record information from state and county courts, and credit information on overdue debt from collection agencies. Public record information includes bankruptcies, foreclosures, suits, wage attachments, liens and judgments.