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What Information Is Allowed On Your Credit Report?

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 your report.

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.