A credit report is a file of all your credit activity gathered by a consumer reporting company. Under Federal Law and the laws of various states you are entitled to receive a copy of your credit file. And if you’ve been denied credit you are entitled to a free copy of your file.
So what exactly is in that report? Your full name, current address and all previous addresses, your social security number, your birth date, and your current and past employers are all included. A credit report also lists your credit activities and contains your credit score. The report shows accounts you have with multiple types of credit issuers, including mortgages, installment loans (such as car loans), and revolving debt (such as credit cards). It includes the date you opened your account, your credit limit, the current loan amount, and your payment history. It also contains your public record information. That’s everything from state and county court records on tax liens, bankruptcy, or monetary judgments. Also included are the names of those parties who have obtained copies of your credit report. Bankruptcies that are more than ten years old, or paid judgments that are more than seven years old, no longer remain on the report.
It is a good idea to check your credit report’s accuracy once a year so that errors can be corrected before you apply for credit. It also may reveal identity theft, which continues to be a growing concern.
Now that you know what’s in a credit report, you should ask yourself: When was the last time you checked yours? Contact an American Equity Mortgage loan representative for more information on how your credit score affects you.
