Credit Report and Credit Score Information

Got Questions About Credit or Credit Scores

Here in the 21st Century it is difficult to live without some established credit. Having an established credit history when applying for a car loan, a mortgage, or a credit card will make getting credit extended to you much easier than if you did not have any credit history. But in these times even job applications in many cases now require your credit history.

So what is on your credit report?

Your credit report contains some of the following:

• home address and prior addresses
• current and former employers
• public records such as tax liens and bankruptcies
• proof of paying child support
• open and closed credit accounts with balances, credit limits, monthly payment amounts, credit histories per account
• open credit limits to balance ratios
• typically 3 credit scores (if ordered with the credit report)
• birthdate
• social security number
• collection accounts and judgments

You can see that your credit report contains a lot of information about you and your credit history. Most information stays on your credit report anywhere from 5-10 years depending on what it is. Bankruptcies typically stay on a credit report for up to 10 years.

In general, the two most recent years are the most important in terms of your credit report and getting qualified for a mortgage as well as the most impact on your credit scores. For your credit scores, the most recent year is very important to your credit scores. Recent late payments or collection accounts can radically drop your credit scores if they are within the past 12 months.

You will also find the address and phone numbers to the 3 major credit bureaus on your credit report so you can get in touch with them if you have questions or want to file a dispute about information found on your credit report. You do have a right to having the information on your credit report be correct. If you find errors on your report it is in your best interest to fix your credit report.