Your credit report can have large influence in your life. A good overall score on your report can open doors for you financially, while a low number may mean you have to pass up some opportunities. You have a right to access your own credit report for free once a year to check the information that's being held.
What's In It
Your report will include your full name, and any aliases or previous names, and a list of your current and previous addresses. It will give your Social Security number and your birth date. It will list your current and past employers, as well as your marital status and information about your spouse. The nub of the report include information on your credit cards, accounts with retailers and utilities, mortgages, student loans and other debt. Each account will detail when it was opened, what your credit limit or loan amount is, and what your payment pattern has been over the last two years. If you have voluntarily closed a credit account, that will be indicated. Your report will also include relevant information about you that's in public records held by either state or county courts, such as bankruptcies, tax liens or civil judgments against you.
Who Can Access It
Your credit report is not public information, and it can only be accessed in certain circumstances. If you apply for a loan or a credit card, the bank or company will have the right to access your report. Utility and telecom companies can also look at your information before you open an account. Prospective employers and landlords will also be able to see your report if you consent in writing to a background check. Your credit report can also be subpoenaed in a court case if it is relevant information.
Recent Inquiries
Your credit report will detail exactly who has accessed your report for any reason in the past year. This is extended to the past two years for employment related inquiries. Credit rating agencies regard a high number of inquiries to be a warning sign, and that can sometimes affect your credit score. If this is the case, your credit report has to state clearly that your score has been affected by a high inquiry level.
Check Your Report
You have a right to see your report from each of the three credit reporting agencies for free once each year.Steer clear of the TV ads and email scams that offer to show you your report for a fee. Go through the Federal Trade Commission's service, where you can request your report either online, over the phone or by mail--see resources section.
What's Not There
By law, under the Fair Credit Reporting Act, your report cannot include any bankruptcies older than 10 years, and any paid tax liens, arrest records or accounts placed in collection that date from more than seven years ago. If you have disputed any information furnished to the credit agency by a third party, this must be clearly stated.
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