What to Expect on Your Credit Report

Your credit report is a vital part of your financial health. The more you understand the report itself, the better off you’ll be. Here’s a look at everything you need to know.

What is a Credit Report?

Your credit report is a listing of your credit accounts. It includes the types of credit you have and have had, your payment history, credit usage, credit limits, and more. This information is provided by your creditors to the three credit bureaus: Equifax, TransUnion, and Experian. Lenders look at your credit report to determine your creditworthiness. 

What’s on the Report

• Personal Information. These are simply facts about you. It includes your name, SSN, current and previous addresses, date of birth, employment info, phone numbers, and more.
• Public Records. If you have had a foreclosure or filed for bankruptcy, it will show up here.
• Credit Accounts. This is the big one. Under Credit Accounts, you’ll find all your current and previous credit accounts, and each one will have further details listed. Each account will have the type of account (revolving or installment), the name of the lender, the account balance, the credit limit or loan total, the date it was opened, and your payment history.
• Inquiries. Hard and soft inquiries will be listed here. Hard inquiries appear when you apply for a credit card or a loan. They can stay on your report for up to two years and may negatively impact your credit score. Soft inquiries appear when you check your credit report or get a quote from an insurance company. They don’t impact your score but also stay on your report for up to two years.

Do One Thing: Get in the habit of regularly reviewing your credit report for errors. If there are any questions, mistakes, or errors, report them immediately.