Guest Author - Rhonda Cliett
A credit report is a report documenting your credit, employment and residence history. It is continually updated using information received from creditors and others whom you owe money, as well as information obtained from state and county records.
What is in my credit report?
• Identifying information such as name, address, social security number, date of birth and telephone number.
• Employment history
• Credit information from lenders such as banks, mortgage companies, credit card companies and others whom you owe money (i.e. utility companies, landlord, medical facilities, etc.). This information includes types of credit, length of time accounts have been open, payment history, high balance, credit limit. Information regarding child support obligations is also included.
• Inquiries – List of those who have accessed your credit report in the last two years.
• Public Records – This includes bankruptcies, tax liens, civil judgments, foreclosures and wage garnishments.
• Credit score
What cannot be included in my credit report?
• Information regarding checking or savings accounts
• Medical history
• Bankruptcies that are more than ten years old
• Charged-off or debts placed for collection that are more than seven years old
• Gender, religion, political affiliation, race, criminal records
Who looks at my credit report?
• Potential lenders – in order to determine credit worthiness
• Current lenders – in order to monitor your credit worthiness
• Employer or potential employer (only with your written consent)
• Landlord or potential landlord
• Insurance companies
• State or local child support agencies
• Any government agency (although they may be allowed to view only certain portions)
• Companies you allow to monitor your credit for signs of identity theft
How do I check my credit report?
You may request a free report once every twelve months from each of the consumer reporting agencies: Experian, Equifax, Transunion. You do not have to request them at the same time. In fact, it is a good idea to request a free report from one of the agencies every four months rather than all three at one time.
To request online: www.annualcreditreport.com
To request by phone: 877-322-8228
To request by mail:
Annual Credit Report Request Services
P. O. Box 105281
Atlanta, GA 30348-5281
When you request by mail you will need to use the specified form which may be obtained from www.annualcreditreport.com
Qualifying for a Mortgage Series
Qualifying for a Mortgage - The Basics
Buying a Home Without a Down Payment
The Facts Regarding a Down Payment
Understanding Your Credit Report
Understanding Your Credit Score
Loan Prequalification and Preapproval
Have a question about mortgages or your credit report? If so, post your question in the Home Finance forum today.
