Credit Repair – What Can You See in Your Credit Report?

Your credit report contains a snapshot of information about you and your credit history and can have a major impact on your life. Although each credit reporting agency formats and reports this information differently, all credit reports contain basically the same categories of information.

Personal Unique Identifying Information.
This includes your full name, any known aliases, current and previous addresses, date of birth, social security number, current and past employment information, plus similar information about your spouse when applicable. Usually it’s up to you to update this information and it does not apply in credit scoring calculations.

Account Information.
The accounts you have with banks, retailers, credit-card issuers, utility companies, and other lenders are listed by type of loan such as mortgage, student loan, revolving credit, or installment loan. Lenders report the date the account was opened, your credit limit, account balance, monthly payment, any co-signers, and payment history on each account you have established with them.

Account Inquiries.
Inquiries appear on your credit report when you apply for a loan and you authorize the lender to request your credit report. The list will include the names of everyone who accessed your credit report within the last year, or two years if the request was employment related. The report will differentiate between “voluntary” inquiries, triggered by your requests for credit, and “involuntary” inquires, such as when lenders order your report to determine your creditworthiness for a pre-approved credit offer.

Public Record Information
Credit reporting agencies are allowed to collect and report on public record information from state and county courts. This public record information includes bankruptcies, foreclosures, lawsuits, wage attachments, tax and other liens, judgments, and, in some states, overdue child support.

Collection Items.
Information on overdue debt from collection agencies is typically included on your credit report.

You are entitled to receive one free credit report every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian, and TransUnion. This annual credit report can be requested through AnnualCreditReport.com or by contacting the companies directly by phone or by mail.

To process your request, you will need to provide specific personal information, such as your name, current and previous addresses, telephone number, social security number, and date of birth. Also, to verify your identity, other information such as a copy of your driver’s license, utility bill, or bank statement may be required. Keep in mind that the three large credit bureaus do not necessarily share information with each other. The content of your credit report can be different at each bureau, so it’s a good idea to request copies from each one.

Mark Andrade is a business writer specializing in personal finance. He has an MBA and is currently assisting TooManyPaydayLoans.com as a financial advisor. Visit this website for unbiased information about American Payday Loans or if you are interested in affordable Faxless Payday Loans and cheap Discount Advances.