Discover where your credit file is stored, its contents and the reasons why you should request for a credit report.
Credit file is stored by the country’s credit reporting agencies, such as Veda Advantage and Dun & Bradstreet. These agencies store information about your financial transactions that would affect your credit score.
Here are the contents of your credit report:
- Personal details: Your credit file contains identifying information such as your full name, previous and current address, and birthday. It also contains vital financial information such as your income, social security number, employment history and home ownership.
- Credit information: The reporting agency gathers information from, credit issuers, banks, lending agencies and other sources such as your credit card accounts, credit limit and balance. It also contains the date you opened and closed a certain account, your credit limit, balance, monthly payment and your payment history. Lenders often look into your credit report to check your repayment history. The report includes the due dates of your credit payments, the dates you missed payments and whether or not you pay on time.
Even payments made to your landlord (if applicable), utility companies, insurer, and professional service organizations.
- Financial data in public records: the reporting agency collects public record information such as bankruptcy records, tax liens, foreclosures and monetary judgment.
- Inquiries/requests for a copy of your credit report: You can see who requested for a copy of your credit report in the recent year. Credit enquiries your credit providers make are also reflected in your credit file.
Every time you apply for a loan, you automatically authorize the lender to request for a copy of your credit report and such inquiries will be reflected in your credit report. These include lenders who ask for a copy of your credit report for the purpose of giving you a pre-approved credit offer. The names of these person or agencies that made the inquiries are listed in the inquiries section. Even your own voluntary inquiries are reflected in the report.
What’s not in my credit report?
Your credit report doesn’t include the following information:
- Credit score. You can request for a separate copy from the reporting agency.
- Criminal record
- Medical history
- Political party
Aside from securing credits, what is the purpose of credit report?
Your credit report helps lenders to determine your eligibility to obtain a loan, the maximum loan you can apply for and your ability to repay it. But, other than that, credit report can save you from identity theft, and give you a chance to correct inaccurate listings based on inaccurate information from your credit providers or other sources.
The credit report can alert you of the abnormal financial activities because of identity theft. You can verify if some unauthorized individuals have used your personal data to apply for credit in your name or to charge debts into your account.
It is also a good idea to request for a credit report especially if you have been contacted by credit agencies for credits you never used or establishments for purchases you never made. In such case, you can contact your local police and alert the credit reporting agencies for possible identity theft.
Do you want to clean up your credit history but you don’t know where to start? Clean Credit Repair guarantees removal of negative listing in your credit repair.
Contact us today and we will help you improve your credit report.