Ok, so you’ve finally pulled your credit report only to realize you don’t understand what you are looking at, or what you should be looking for. Credit reports can be confusing, so we at MCMF have created a list of everything included in your credit report. Please review each item for accuracy.
- Your name, spouse’s name, Social Security number, birth date
- Current and previous addresses
- Current and previous employers
- Comes from your past credit applications
- An overview of your accounts and credit profile
- Use to compare information from all three credit bureaus
- An account record all of your creditors – credit cards, installment and mortgage loans, and other sources
- Includes date opened, amount, balance, monthly payment and payment pattern going back several years
- Shows how much credit you have and how you’ve repaid your debts – on time or past due
- Includes if you have a payment plan or arrangement with a creditor, if the account was turned over for foreclosure or repossession or if it was in collection
- Creditors are especially interested in your last 24 months of payment history. This helps them predict how you will pay in the future.
- Can stay on your report for up to 7 years
Public Record Information
- Bankruptcy, foreclosure, tax liens, monetary judgments, court ordered alimony and child support, garnishment
- Bankruptcy information can stay on your report for up to 10 years
- Shows who asked for your credit report within the past two years.
- Pre-approved offers and on-going inquiries from companies that you do business with will not affect your credit score.
- Filling out too many credit applications can have harmful effects on your credit score.
- It’s wise not to have more than six inquiries a year.
- Can attach up to 100 word statement to your report.
- Can explain a change in your payment history –for example, why you were late making payments.
- Only mortgage lenders review the consumer statement.
- Military alert or fraud alert from being a victim of identity theft.
- Fraud alert is good for 90 days and can be extended for seven years
Over 80% of all credit reports contain errors and it’s up to you to make sure the information that denotes YOUR credit worthiness is accurate. If you do find inaccurate or erroneous information, you can file a dispute with the credit bureau for this information to be corrected and reported accurately.