Online Credit Report, Online Credit Score, FICO Score

OnlineCreditReporter.com Credit Report & Credit Score 101

Credit report and credit score issues are appearing everywhere these days in the media — equally on the news and in advertisements. So what is this all about?

Whether you comprehend it or not, your credit report and credit score play a significant role in your day-to-day life and you’ll be better by understanding what a credit report and credit score is and how it affects your life.

Your Credit Report Is…
A credit report is a rundown of your credit history. There are three credit reporting bureaus that retain credit information about you: TransUnion, Equifax and Experian.

Individuals and institutions — such as lenders, landlords, employers and insurers — can buy your credit report from a credit reporting bureau so that an informed decision can be made about you. Just think, every time you apply for a loan or credit card, try to rent property, apply for a job or attempt to get insurance coverage, these groups may assess your credit report to learn more about you and help make an informed decision about what kind of risk you are.

Your Credit Report Contains…
While the three credit reporting bureaus maintain separate files on you and do not share facts, each maintains the same fundamental information that makes up your credit report:

Your Personal Information — This contains basic information such as your name, Social Security Number, current and past addresses, your birth date, and current and past employers. Your Personal Information is primarily collected from previous credit applications you’ve filled out.

Your Credit History — This makes up the most substantial portion of your credit report and includes detailed information about credit accounts in your name or accounts that list you as an authorized user.
This information comes from creditors and can include the date your accounts were opened, your loan amount or credit limit, your loan balance or current available credit, payment terms and payment history. Closed and inactive accounts may also appear in your Credit History.

Inquiries — Each time a third party (that’s anyone other than you) pulls a credit report on you, the credit reporting bureau they purchased your credit report from makes a record of the transaction and adds it to the Inquiries section of your credit report.

Public Records — Public information made available by government agencies may also show up on your credit report. This information can include bankruptcies, overdue child support payments and liens.

Your Credit Report Does Not Include…
Checking and savings accounts are not included in your credit report; nor is your gender, marital status, ethnic background, medical history, criminal history, religion or political affiliations.

Bankruptcies are erased from your credit report after ten years, and charged off or closed collection and delinquent accounts that are more than seven years old are also eliminated. Inactive and closed accounts are removed from your Credit History after anywhere from seven to eleven years from the last day of activity (depending on how the account was paid off).

It’s crucial to note that, while your credit score is derived largely from information on your credit report, it is not
considered to be part of your credit report.