Credit Basics

Personal information
- Name - Aliases (including maiden names)
- Date of Birth
- Social Security Number / Social Insurance Number
- Current and previous addresses.
- Employment - Name of employer, start date
Defaulted accounts (eg. Doctors, Lawyers & Utility Companies)
- Certain creditors only report to this section once the account has gone delinquent
- Information regarding an account is limited to the amount listed, balance and the number of days delinquent.
Account transaction history - Every account in this section includes the following:
- Name of Creditor
- Account reference number
- Type of Account
- Account Rating
- Credit limit or amount of credit extended
- Balance outstanding
- Date account opened or date account closed (if inactive)
- Creditors reporting this information typically include banks, credit card companies, mortgage and finance companies and department stores.
Inquiries - A listing of everyone who has accessed your CB in the past year
Public Records
- Liens
- Judgements
- Bankruptcy
- Other matters of public record

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Who can request my credit report?

The only businesses or individuals who can request your credit report are those to whom you have given your permission or who have a legitimate need or permissible purpose. Permissible purpose is defined in Section 604 of the Fair Credit Reporting Act (FCRA). A consumer reporting agency may furnish a consumer report under the following circumstances:

In response to a court order or a Federal Grand Jury Subpoena.
In accordance with the written instruction of the consumer.
To a person whom we have reason to believe:
Intends to use the report in connection with the extension of credit, or the review or collection of an account;
Intends to use the report for insurance underwriting;
Intends to use the report for determining the eligibility for a government license or benefit where the government agency is required to consider the consumer's financial status;
Otherwise has a legitimate business need for the report in connection with a business transaction involving the consumer

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Do I have the right to know what is on my report?

Yes. Although it may cost you a fee to obtain your credit report, the CRA must disclose everything in your report.

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Where does the credit bureau get all of my information?

The main source of credit bureau information is the creditors themselves. Whenever you submit an application, not only does the creditor request your credit history, but your updated information is submitted to the CRA. Your application information will be deemed as most current and your credit report will be updated. Your creditors report your payment history to the CRA's on a regular basis. Legal information is gathered from courthouses nationally by the CRA's and reflected on your credit report.

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What factors can affect my credit report?

How well you pay your accounts
How many accounts you have
The outstanding balances on your accounts
How long is your credit history
The number of times you have moved
The number of times you have changed jobs
Any legal action taken against you

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How long does information remain on my credit report?

Negative account information can remain on your credit report for up to 7 years from the date of delinquency. Positive account information can remain on your report for up to 10 years. Dismissed or discharged bankruptcies can remain for 7 years while others can remain for 10 years.

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If I pay off an account, will it come off of my credit report?

Even paid accounts are subject to the same time conditions as the previous question. Negative information can remain up to 7 years and positive information can remain for up to 10 years.

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Do CRA's make credit granting decisions?

No. CRA's do not make credit granting decisions as they are made only by the lenders. Each credit grantor has their own formula for evaluating a credit application and only they can tell you why a certain decision was made. Your credit report along with the information you provide on your application are used by the credit grantor to make a decision. Other factors such as your employment or income can affect this decision.

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Why are too many inquiries not a good idea?

One of the areas that is very closely examined is the inquiry area. Too many inquiries can weaken your credit report. If a potential lender sees an inquiry but no account listed, he can make one of two assumptions: The creditor refused you credit or the creditor extended you credit and it is not showing on your credit report. Either way, you come up short. If you plan on applying for credit, do not apply to many lenders at the same time. Also, some department stores offer a free gift simply for filling out a credit application. If you have no intention of using their credit card, then do not apply.

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Will requesting my own credit report negatively affect my credit?

Requesting your own credit report does not generate an inquiry that creditors will see. In other words, no one will ever know that you obtained your credit report except for you. You will see an inquiry labeled as "Consumer Disclosure", but this is only visible by you.

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How many Credit Reporting Agencies are there?

There are thousands of smaller credit reporting agencies nationwide. However, all of these smaller agencies are either owned or affiliated with one of the three major CRA's: Equifax, Experian and Trans Union. Dealing with three parties is definitely better than having to deal with thousands. What this does mean is that you have three credit reports, not just one.

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Why are all of my credit reports not the same?

Creditors usually only report and obtain credit reports from only one of the big three CRA's. The CRA's do not share information amongst themselves which can result in vast differences between your three credit reports. Because of these differences, you need to be concerned about the contents of all three of your credit reports.

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