Credit repair consultants assessing credit report and credit score.

What Is A Credit Report and What Does It Include?

According to the Consumer Federation of America, 32% percent of Americans have never obtained a copy of their free credit report. This could potentially risk their financial well-being as inaccurate credit reports can cost you loan denials and money. In fact, you could also fall victim to identity theft.

You can easily access your credit reports at AnnualCreditReport.com and continually monitor them to ensure accurate information. Before that, you may want to read on to find out what a credit report is and what it comprises:

What Is A Credit Report?

Woman making payment with credit card at a café.

This statement details your credit activity, including the types of accounts, payment history, and the current status of your credit account. Some people have multiple credit reports. These are collected and stored by credit reporting companies that are commonly known as credit bureaus. Credit reports are used by creditors and lenders to determine whether the individual qualifies for a loan, mortgage payment, insurance, etc.

Landlords and employers may also view your credit report to access necessary information before offering you a lease or making employment-related decisions. Additionally, credit reports are viewed when you apply for a phone or utilities for insurance purposes. It is vital to ensure that your credit report has accurate and complete information; regular report checks can do this.

Equifax, Experian, and TransUnion are three major credit bureaus that provide credit reports across the U.S. These reports may differ from each other as creditors and lenders may not report to all three bureaus; they may report to one or two.

What Does A Credit Report Include?

A credit report consists of a range of information about the individual, their accounts, public records, and even inquiries (hard and soft). Here are the four main inclusions:

1. Personal information

This section includes your name, date of birth, house address, phone number, social security, and current employment details.

2. Accounts

This section comprises your credit accounts from the past ten years, details or creditor, opening and closing date, loan amount, credit limit, payment history, rental leases, and utility accounts.

3. Inquiries

This section highlights the companies that have accessed your credit report and details about when it was accessed.

4. Public records

This is where foreclosures, bankruptcies, civil suits, and liens are stated.

What Doesn’t Appear On Your Credit Report?

Credit reports exclude some financial and personal details, such as income, education, marital status, and bank account details.

If you’re looking for a reliable credit repair service, our experienced repair specialists at Oak Credit Repair can help you re-establish your score. We offer affordable and fast credit repair services throughout the U.S. For more information, give us a call at (888) 625.2264 or fill out this form for a free consultation with our credit repair consulting experts.

 

Leave a Comment

Your email address will not be published. Required fields are marked *