Checking Your Credit Report

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What's In The Credit Report

Credit reporting agencies (Credit Bureaus) collect information on individuals from a variety of sources. A large portion of the data comes from the credit bureaus business subscribers, banks, credit card issuers. and other lenders. Other information is obtained from public records. A credit report does not contain any statement about whether or not an individual is a good or bad credit risk. Credit bureaus subscribers (lenders) evaluate the information in the report using their own methods and then make a decision as to the creditworthiness of a loan applicant.

A typical credit report contains the following information:

A. Personal Data: Identifying information such as name, social security number, birth date, address, etc.

B. Credit History: Including a list of current and past creditors, credit terms and limits, and how well (or how poorly) an individual has repaid past debts.

C. Inquiries: A list of requests for credit reports,

D. Public Records: Information such as bankruptcies or lawsuits.

E. Personal Statement: A limited statement where an individual can explain his position in a dispute with a lender.

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