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Towards A Picture-Perfect Annual Credit Report

Published by Jeremy Englewood | March 26th 2009 | Views:

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Your annual credit report is like an album of photographs. There are several sections in this album, each one containing different kinds of information about you. Creditors are looking for borrowers whose albums are relatively pleasing to look at, so to speak. It is important that you know what kinds of information your free annual credit report contains, so that if your credit album isn't exactly perfect you can take steps to improve it.

The credit report contains the following data:

• Your identifying information

• Accounts that are reported monthly

• Accounts that you have defaulted on

• Information from public records

• Inquiries into your credit report

Your personal information section contains your name, past and present addresses, your Social Security number, information about your spouse if you're married, and your employment history, as well as how much you were earning in each job.

Accounts that make monthly charges such as credit cards, loans, and utility companies are reported in the second section and include information about each account: creditor's name, credit limit for each account, the minimum balances, account opening date, type of account, and your payment history for the last 24 to 36 months. If your account was turned over to a collection agency, if you declared bankruptcy in the past, or if you have disputed any charges, the information will appear in this send your delinquency status.

The fourth section contains information about you that is on public records. This means the state, local, and federal courts as well as land records offices. This section will contain information about bankruptcies, foreclosures, lawsuits including divorce, tax liens, child support delinquencies, as well as criminal arrests and convictions.

The last section contains inquiries. Hard inquiries - from credit card companies and other lenders, prospective or current employers - will be reported for two years. Inquiries you made when requesting for your free annual credit report will also be in this section but will be seen only by you.

You'll need to review each section carefully to make sure the information reported about you is correct. It is possible that the information is not yours but somebody else's, someone with the same name as yours. Sometimes too, information stays on the credit report long after it was supposed to be removed.

Under the law, bankruptcies are reported on the credit report for up to ten years after date of the last activity. Paid tax liens, lawsuits and judgments, criminal records, and accounts sent for collection may be reported up to seven years.

If there is any erroneous information in your report, you'll need to contact your creditor and ask them to have it removed. Click here to learn about how to get your free annual credit report and how to correct the information on your credit report. Our website will teach you ways to improve your credit.


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