I Have A Credit Report?

The fact is, almost everybody has a credit report. A credit reporting agency collects information about your financial transactions and credit history and compiles them into a report that almost anyone can get access to.  Information is gather for your credit report on an ongoing basis.  Every time you pay a bill, use your credit card or apply for a loan, it gets recorded on your credit report. 

Credit reports are a critical part daily life.  Employers, landlords, and stores all consult your credit report before they grant you service.  In other words, having a poor credit report can prevent you from getting a job, a home, and many other services. 

Your credit report includes a lot of varied information.  What follows is an outline of the various types of information collected in your credit report.

• Personal information:  Credit reporting agencies collect and compile a comprehensive amount of personal data from forms you fill out.  These forms include credit applications etc.  Information present on your credit report include name, current and past addresses, SIN number, birth date, current and past employers, marital status, and education.

• Public record: Like the personal information on your credit report, this section consists of readily available information that is a matter of public record.  This information includes court charges, liens, child support claims and bankruptcy.  This information is kept on your credit report for 7 years. 

• Credit history: This is the real meat and potatoes section of your credit report.  It contains a list of your credit cards and pending applications, account details such as limits and balances, loan and payment terms, and repayment history including late or missed payments.  As well, this portion of your credit report includes information regarding any inactive or closed accounts.  Your credit history is kept for 7 years from the last date of use.  In other words, on the last day the you use your credit card, your credit report will contain that information for 7 years hence.

• Information requests: Every time someone or some agency requests information regarding your credit report, it will be recorded.  These requests are kept on your credit report for 2 years. 

 

While it seems that there is not much excluded from your credit report, by law credit reporting agencies are not allowed to include the following in your credit report. 

• Race

• Religion

• Gender

• Medical History

• Political Affiliation

• Criminal Records

• Any debts or bankruptcies older then 10 years

Your credit report is also used to generate a credit score, which in turn determines your credit viability - how much credit your eligible for.

For more information on cleaning up your credit report or credit repair, click the link below.

Credit Report Information