Anatomy of a Credit Report

Before you enroll in credit repair service, learn more about what's contained in a credit report. Here is everything you need to know about your credit report and what it says about you.

Credit Reports

A credit report is a record of your financial behavior. It keeps a record of your credit card accounts, payments, and balances. In many ways, a credit report is like a report card on your financial history. Credit reports are maintained by three independent companies: Equifax, Experian, and Transunion. These are the three companies your credit repair service will deal with during your dispute processes. By law, you are entitled to one free credit report annually from each consumer reporting agency, or credit bureau. You can obtain your free reports online, by telephone, or via mail.

What's in a Credit Report

Here are the four basic types of information contained in a credit report:

1. Personal identifying information. This includes your name, social security number, present and past addresses, employment information, date of birth, and information about your spouse, if applicable.
2. Account information. All of the accounts you have, past and present, are listed by type on your credit report. This includes your credit card accounts, installment loans, accounts with utility or phone companies, etc. Account information will list the credit limit, outstanding balance, date opened, any co-signers on the account, and your payment activity for the last two years.
3. Public record information. Any liens, judgments, or bankruptcies are included here.
4. Recent inquiries. Any organizations that have obtained copies of your credit report in the past year are listed here.

Things You Need To Know