Everyone has a credit history and a credit report that tells it. But do you really know what is in your credit report? Most of us are guilty of opening account after account trying to live an ideal life, however this has a major effect and takes a toll on your credit.

Information in Your Credit Report

Your credit report contains all sorts of information that is usually found in four categories, identity, credit history, public record and inquiries.

Under the identity section you will find your name and any aliases you have been known by and even some you have never been known by; your present and previous addresses as well as your date of birth and social security number. It will also list where you work at the present time and previously. Then if you have ever been married and had a joint account then some of your spouse’s information can also appear on your credit report.

The next area will give information regarding your credit history. Here it will list accounts with lenders and banks, credit card companies, utility companies, retail credit cards and any other credit account you have now or have had in the past. You will generally find that these accounts are placed in order according to the date the account were opened, the kind of loan it is, (i.e. mortgage, credit card, installment loans), loan amounts and credit limits. I will also list your payment history over the past 2 years.

Under the public records section it will list any state, federal, local and personal liens, judgments and bankruptcies. These will remain on your report for 10 years, even judgments and liens that have been satisfied will remain on your report for 10 years. Past due child support will also show on your credit report.

The section that list the inquiries made on your credit report tells the names of lenders, banks, credit card companies that you have requested credit from and will remain on your report for 2 years even if you did not receive the credit. These are referred to as credit pulls because these companies have pulled a copy of your credit record.

What is not in Your Credit Report?

There is some information (such as medical information) that should not be found in your credit report, unless you have specifically given permission for them to be listed. Other things that are not found in your credit report are your sex and race, interest rates you pay, your job position and salary.

Know Your Rights

You can get a free copy of your credit report from the three major credit-reporting agencies, TransUnion, Equifax and Experian, once a year and you have the right to know who has seen it. Everyone that has looked into your credit in the past six months will be included in the report you order yourself. A copy of your report is also available free if you have ever been refused credit.

If there is anything in your credit report that you do not agree with you can dispute it. You have the right to explain the circumstances surrounding a negative report. You can even keep the credit bureau from using the information in the report for marketing purposes. The credit agency does not decide whether or not credit is extended to you they just give the information to the potential creditor.

Use of Information

The information in your credit report not only allows creditors to decide if you will get credit, it can also decide if you get an apartment or insurance. It is vital to know and understand what is in your credit report. By knowing you are able to keep a better handle on your credit situation.