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A Look Inside Your Credit Report

Make a point of knowing exactly what information is in your credit report - your financial future may depend upon it.

Your credit report is used by others to assess your creditworthiness. Landlords, lenders, insurance companies, employers and banks look at your report to judge how good you are at managing your personal finances.

What's inside
Your credit report is the story of your financial life, and it can be a very detailed document. Your personal information is listed first, including your name, your current and previous addresses, your telephone number (unless it is unlisted), reported variations of your Social Security number, date of birth, and past and present employers.

Following that data, information specific to your credit accounts will be listed in detail. Credit cards or car loans, the limits of those loans, and details of any joint account holders or co-signers will also be included. Your credit report also includes an "Inquiries" section, which lists anyone who has recently requested a copy of your credit report.

In some states, your credit report will also contain public record information. Such information could detail overdue child support payments, for instance, or bankruptcies and other court judgments. These entries can remain on your record for up to ten years and negatively affect your ability to obtain loans, or secure a job.

A credit report does NOT include information regarding your race, gender, religion, sexual orientation, national origin, medical history, or checking or savings accounts. The information on your credit report is protected by the Fair Credit Reporting Act (FCRA). Keep in mind that it is merely a report of your credit history and does NOT include your "credit score," sometimes known as your FICO score. Your FICO score is derived from the information in your credit report. Unlike your credit report, the FICO score rates your creditworthiness in comparison to other consumers. (Learn more about your FICO score).

How long it's there
Generally, all your credit history information remains on your report for many years. Active positive credit information may remain on your report indefinitely, while a personal bankruptcy filing can remain on your report for up to 10 years. Remember, even if an outstanding item has been paid in full, the presence of even a one-time occurrence of late payment indicates a potential concern for creditors.

For a copy of your credit report, simply write to or call one of the three major credit bureaus listed below:

• Equifax, P.O. Box 740241, Atlanta, GA 30374, or call (800) 685-1111
• Experian, P.O. Box 2002, Allen, TX 75013, or call (888) 397-3742
• TransUnion, P.O. Box 1000, Chester, PA 19022, or call (800) 916-8800

You are entitled to one free credit report from each of the three agencies annually. Find out about how to obtain your free annual credit report.

If you haven't obtained a copy of your credit report recently, consider doing it now. If you need help understanding it, seek guidance from a "Certified Consumer Interviewer," certified by the Consumer Data Industry Association (CDIA). When it comes to reducing debt and improving your credit, be sure to look for a qualified agency with "Certified Credit Counselors," certified by the National Foundation for Credit Counseling (NFCC). Make certain that the agency is a member in good standing of both the NFCC and the Better Business Bureau (BBB). Also, look for the BBBOnLine Reliability Seal - this is one way to ensure that the business will deliver on its promises both in the real world and the virtual world.