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Did you know? Checking your own credit does NOT impact your credit score. Also, many visitors sign up with at least 2 services so they can compare which one they like better, they just cancel whatever they don`t want after a month. Don't forget to ask your partner or spouse to sign up too!

What is a credit report?

Whenever you apply for any type of credit or financing, a credit report is pulled from at least one of the three major credit bureaus. While there are hundreds of smaller credit bureaus around the country, virtually every credit bureau is affiliated with Experian, Trans Union, or Equifax.

These credit bureaus collect and maintain information on the vast majority of Americans, but they are not affiliated with the government in any way. The credit bureaus are for-profit corporations and they sell your personal information for money.

The credit bureaus receive your personal information through the same lenders who grant you credit. They have agreements with each of these credit grantors that require the credit grantor to inform the credit bureaus of everything that occurs in your relationship with the credit grantor. If you make a payment late, the negative credit listing is quickly reported to at least one of the three major credit bureaus and is added to your credit history. Credit reports are not just a record of how you are currently managing your credit accounts. Credit reports are histories of everything you are doing with your credit now, and everything you have done in the past.

The credit bureaus collect this information, list it on your credit report, then sell it to other credit grantors who wish to see your credit history before they decide to lend you money. The credit grantors who review your credit are especially interested in any negative credit. If you have shown any tendency to pay late, or to disregard your financial commitments in the past, the creditors will almost assuredly reject your application or charge a higher interest rate.

Just like when you were in high school, your credit report is your financial report card to the world.

What kind of information appears on the report?


Merchant Trade Lines

These include all regular credit lines such as department store cards, auto loans, mortgages, and credit cards. If there is any history of late payment, or if the trade line was included in bankruptcy, charged off, or put into repossession, the listing will be considered negative by all credit grantors.

Collection Accounts

When an account is referred to collections because of delinquency or because of a bad check, this appears on the credit report as a collection account. Collection accounts can appear as paid or unpaid accounts. Any type of collection account, whether paid or not, is considered very negative by all credit grantors.

Court Records

Court records include bankruptcies, judgments, liens, divorce, satisfied judgments, and satisfied liens. All court records, including satisfactions, are considered negative by all credit grantors.

Inquiries

Every time a potential credit grantor looks at your credit file, a credit inquiry appears on at least one of your credit bureau reports. If the numbers of inquiries are few over the last two years, then there may be no negative effect on your credit worthiness. However, if there are many recent inquiries showing on your credit report, credit grantors may become nervous and deny you credit.

How long do negative items stay listed?

The Fair Credit Reporting Act (FCRA) requires that most negative credit items be deleted from your credit bureau file in no more than seven years, except for bankruptcy, which can be reported for up to ten years. These are the time limits for reporting negative credit. The creditor or the credit bureau can choose to have the negative credit information deleted whenever they please. Inquiries may remain on the credit report for up to two years.

Can I see my credit report?

You can purchase your credit report from the credit bureau for a fee. Once you receive your credit report, you may find that you cannot read it because the information is listed in an unfamiliar code. In our experience, Trans Union and Equifax credit reports have been very difficult to interpret and understand. Experian credit reports, however, are relatively easy for most people to read.

How much bad credit does it take to be denied credit?

As you may have already experienced, even one small late pay listing may result in credit denials. It is a myth that a large amount of positive credit can outweigh some negative credit. Any negative credit whatsoever can become a substantial credit obstacle.

Who looks at my credit report?

With the passing of each year, your credit report seems to be used more and more often as a yard stick to measure your character. Prospective creditors almost without exception review at least one of your credit reports before granting you credit. Today it is increasingly common for insurance companies to review your credit before extending auto or health insurance. Many employers now check credit before they consider you for a position. If you rent, you may have already been through a credit check to determine your worthiness as a renter.

What is the difference between and R1 and an R9?

"R" refers to a revolving account, "I" refers to an individual account, and "M" refers to a mortgage account. This rating is supplied by the creditor. It is their rating of you as a borrower. There are only two ratings which are not negative. A rating of "1" is good and a rating of "0" means that they don't have enough history with you to rate you. Every other rating, "2" through "9" is negative. In our experience, creditors don't look at these ratings when you apply for financing. The creditor usually looks at the late pays or other notations such as "charge off" or "collections." However, any rating but a "1" or "0" indicates that you have problems with the account.

What is a charge off?

When you become very delinquent on an account, the creditor will probably charge it off. This means that they have written the debt off as a loss for tax purposes. This does not mean that they have given up collecting on the debt. The creditor is now likely to either sell the debt or send it to collections.