All of us have probably been informed that our credit report is a very important document. Its importance will increase if we have been denied credit and realize that we must repair poor credit.
The three major credit reporting agencies are Experian, Equifax, and TransUnion. The reports from all three agencies are needed because creditors and lenders may not all report to the same agency and the reports may be different. If you go to annualcreditreport.com you can find out the procedure for obtaining your reports. You can get a free report from all yearly.
There will be several sections in each of the reports. The first section will include basic information such as name, social security number and other identifying factors. No information about race, salary, or assets will be in the reports.
Any of your credit lines will be included. Such items will include loans, mortgages, credit cards, department store and gas cards. This section will show when the account was opened, credit limits, monthly payments, payment history ( late payments also), unpaid child support and overdrawn bank accounts.
Credit reporting agencies also receive information from the court system. This section will have a listing of bankruptcies, liens, judgments, divorce.
Any time you apply for a loan or credit card there will be an inquiry made to a credit reporting agency. Your credit report will include not only these inquiries but inquiries by you. Credit inquiries remain for 2 years.
It is to your benefit if your credit report is positive. However, any negative information will remain on the report for 7 years. A bankruptcy is on your credit report for 10 years.
It is highly recommended that we obtain and seriously review our credit reports to be aware of differences on each report, locate any and all errors. It is up to each individual to monitor his/her own credit profile, fix errors, and repair personal credit.
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