What Is Contained In A Credit Report?
Your credit report contains factual information about your employment, residency, creditors, and payment history for the past 7 years and public record information such as bankruptcies and foreclosures for the past 10 years.
There exist 3 major credit reporting agencies (CRAs) TransUnion, Equifax, and Experian (formerly known as TRW). These CRAs receive information about you, store it in their respective databases, and release it to various, authorized parties, such as lenders. The information is obtained from your previous applications to obtain credit (thatís where the employment & residency history comes from), electronically from your creditors (thatís where your payment history comes from), and participating county courthouses (thatís where the public record information comes from). There are many different types of creditors who report to the CRAs, such as credit card companies, banks, department stores, leasing agencies, electric and gasoline companies. The CRAs are a revolving door of information, and it is their legal responsibility to ensure its accuracy. See Your Rights Under The Fair Credit Reporting Act.
Because the scources of information may report to one and/or all three bureaus, the database record of your information may be slightly different among the different bureaus. The creditor/lender accessing your report may tap into one, two, or all three bureaus to produce your credit report, depending upon the needed level of analysis. For prequalification purposes, PMC is proud to state that we tap all 3 bureaus to thoroughly and more accurately evaluate our clients. This is one of the reasons we can boast of our 100% approval rate.
Your credit history will contain the name of each of your creditors, your account number, the month/year you obtained the credit, the amount of credit offered, your current balance, your required monthly payment, the month/year of most recent activity in the account, the month/year the creditor most recently reported your information to the CRA, and your payment history - how many times 30, 60, or 90 + days late.
Your credit report also contains a section entitled, "Inquiries." Each time you apply for credit, your credit report is normally accessed. A record of this creditor name is posted on your report, typically for 90 days. This way, other creditors can see if you have been attemting to obtain new credit elsewhere.
Lastly, your credit report will frequently contain a "credit score," which lenders can use to further evaluate your level of risk. See Credit Scoring & Grading.
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