A credit report contains detailed information on a person's credit history, including current and past accounts, loans, bankruptcies and any late or past-due payments. Nationwide, there are three credit reporting agencies that maintain records: TransUnion, Equifax, and Experian. Each credit agency works independently updating credit profiles. The data they collect is often used by creditors, lenders, insurers, landlords and employers for purposes of evaluating a person's financial responsibility.
Personal Information
An individual's name, birth date, address and employment appears at the top of each credit report. There will be a date the information was first reported to the bureau, as well when it was last updated. It is important to make sure all of this information is correct and up to date.
Statement
A short, personal message may appear as requested by the individual who the credit report details. For example, this could be an explanation of a late payment during a specific period of time or a fraud alert.
Summary Information
This section contains a summary of different accounts a person may have, and details information about each accounts. Account types include real estate, including any mortgages; revolving accounts, such as credit cards; installment accounts including car loans; other accounts; and collections, which include past-due accounts that may have been assigned to a collection agency. Detailed information, such as the total number of accounts, balances, payments and delinquencies is provided on each type of account.
Account History
Each account listed in the summary section is then broken out further, with more detailed information provided. This information includes the account number, type of account, the date the account was opened, payment status, the account's balance, any payment terms and if the account is past-due. Each account will display the creditor's name, such as a bank or credit card company. A two-year and seven-year payment history is also detailed, providing a record of any late payments that may have occurred.
Public Information
Any public information affecting your credit will be listed. This includes bankruptcy, tax liens and judgment filings. Additional information, such as type of record, current status, the court or legal agency that has jurisdiction over the record, and the dollar mount of the lien or judgment will also be listed. If the listing is a bankruptcy, information about the liability amount, the monetary amount claimed against you, and the total personal assets used will be listed.
Inquiries
A list of companies who have accessed your credit history will be listed for inquiries that have occurred in the past two years. Details include the creditor's name and when the inquiry was made.
Creditor Contacts
The final section of your credit report contains mailing addresses and phone numbers of your creditors. This section is important when it becomes necessary to contact a creditor.
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