Credit Report Basics

What makes up a credit report?

Your credit report is a valuable tool that can help you build, track, maintain, and protect your credit reputation. This record of your payment history is often used to determine your financial dependability.

Each person has their own report. If you share joint debts with someone else, that debt will appear on each of your individual reports. Credit reports typically contain four sections:

1. Identifying information like your name, address, Social Security number, and date of birth.
2. Credit accounts show who you owe money to, the amount, terms of the loan, and payment history. Pay close attention to the accounts and payment history to ensure they’re correct. You may also see accounts here that are closed, since most payment history stays on your credit report for at least seven years.
3. Credit inquiries such as how often have you applied for credit and for how much.
4. Collections and public records including any past-due accounts that have been turned over to a collection agency and credit-related public records like bankruptcies.

National Consumer Reporting Agencies

There are three nationwide consumer reporting agencies – Equifax^®, Experian^®, and TransUnion^™. They are each required by law to provide one free credit report every 12 months upon request.