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Credit Reports – What's with them, and how to check if yours

Business in the United States buys more than two billion credit reports each year. As they are currently less 300 million people in the country, this means that the average adult credit reports examined by someone once every two months. However, only a small percentage of Americans have never set eyes on their credit reports. Viewing your credit reports at least twice a year is a necessity in electronic age today, and if you can not always be open-access their credit reports is much easier and less expensive than it was at any time in history.

What does a credit report?

There are three major credit offices in the United States. They are Equifax, Experian and TransUnion. These three companies are competitors, so they do not share information between themselves. Consequently, their Equifax credit report may be significantly different from your credit report Experian, TransUnion and its report can still be different. Sometimes this is a good thing – unless one of the agencies reported a bad credit history, for example. But more often than not, is a headache at least one of your credit reports are required to have inaccurate, negative regard.

What does your credit file?

Although each of the three credit bureaus to record slightly different information, that the following is a basic list of what you can find in each of your credit reports: Your name and the name of your spouse. Where you live, your workplace, and where he lived (and used to work). Social security number, telephone number and date of birth. A list of your credit accounts and when you paid your bills – on time, late, delayed by more than 30 days past due over 60 days, etc. What is the amount of credit all you have. Yes, and in which you have applied for credit over the past six months. Which companies have applied for and obtained your credit report. And finally, feared "public records" – bankruptcies, foreclosures, liens, judgments, convictions and tax liens.

How long the information stays on your credit report?

Positive information stays on your credit report indefinitely, which is a good thing. Most negative information must be deleted after seven years, with the exception of certain types of bankruptcy can stay on your report for ten years. If one of your credit reports are missing information that contains both positive and negative information more than seven years contact the credit bureau concerned.

About the Author

Carl Smith is a freelance financial consultant. Learn tips on how to manage your credit cards debts and access free credit reports.

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