Your credit report contains a wealth of information about you and your
financial history. There are three different credit reporting companies
(Experian, Equifax, and Transunion) that provide these reports once per
year at no charge to the consumer. While all three reports will contain
similar information, the reports may differ from each other. It is important
to review all three reports to get a comprehensive overview of your financial state.
In the credit report, you will first find your identifying information.
This section will list your name, address, Social Security number, date
of birth, and employment information. This information is updated each
time you apply for credit.
Next, the reports will list your credit accounts. This section will include
all of your open credit accounts, including credit cards, mortgages, auto
loans, and student loans. The credit report will list both open accounts
and accounts that have been closed within the past seven years. In general,
negative reporting information will drop off after seven years, but this
can vary depending on the type of account.
This section will also list the status of each account. An account may
be open, closed in good standing, charged off, or in collections. Closing
an account does not remove that account from your credit report; if the
account was closed in good standing, it could continue to provide a boost
to your credit score indefinitely. If the account was charged off or closed
after being sent to collections, that account could remain on your credit
report for up to seven years.
Next, the credit report will contain a list of credit inquiries. This list
will contain the names of every entity which accessed your credit report
in the past two years. A company may access the report with your permission,
like when you apply for a loan, or the company may make an inquiry on
its own, like when you receive a pre-approved credit card offer.
Finally, there will be a section of the report where public record information
is collected. This section may include information on bankruptcies, lawsuits
foreclosure cases, wage garnishment, or other lawsuit judgments.
It is important to review all of these sections at least annually to check
for errors. If information is wrong, or if you believe that accounts are
being reported incorrectly, you can dispute that part of your report with
the credit bureau. If the information is in error, it can be removed from
If you believe that a creditor or credit bureau is intentionally misreporting
your credit information, or if you have been unfairly denied credit or
penalized due to inaccurate information, the Loan Lawyers may be able
to help. Call (888) FIGHT-13 (344-4813) to schedule your free, confidential
case review today.