Federal credit report
Save big by knowing your credit history and score
SAVE BIG BY KNOWING YOUR CREDIT
HISTORY AND SCORE
Essential Credit Monitoring & Identity Protection in a Single Product
Welcome to CreditReport.org
How Credit is Gathered
One of the official definitions of credit is noted in Wikipedia:
Credit is the provision of resources by one party to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date.
When you apply for a credit card (even the unsolicited ones), a car loan, a mortgage or any type of credit, the potential creditor sends your information to the credit report bureaus (Experian, TransUnion and/or Equifax).
Credit Information Sent
- Consumer Information- This will contain all of your identifying data. This means your name, addresses, SSN, where you have been employed over the years, birth date, and other information that may be pertinent.
- Inquiries- The inclusion of these may be surprising to some.В However, every credit application you complete, approved or not, is reported to the credit bureaus.В These inquiries remain on your credit report for one year.
- Credit Information– This is a thorough listing of all your credit and actions regarding it. All of your loans, credit cards, mortgages, car notes, etc. are noted on the report. This information also includes names of the creditors, the credit limit, payment amount, when payment was made, amount owed, and remaining time on the loan.
- Public Record– This category includes any kind of state or county records that impact credit. This means tax liens (federal, state, or city), bankruptcy, and monetary judgments. Each of these will contain details of each record including:В when it was filed, how it was filed, along with the amount of money involved in the situation.
The exact format of each credit report may differ depending on which scoring method is used but all of this information will be in the report.
Data not included will be your gender, race, marital status, religion, ethnicity, criminal activity, income, or medical history. Also, the report will not include your credit score. The credit report is just that, a report out of your credit history free from any judgment of its content.
That comes later.
The Credit Bureaus
Equifax– Equifax was founded in 1899. The agency gathers, stores, and maintains information on more than 400 million credit holder across the globe. They take in over $1.5 billion in annual revenue and employ over 7,000 people in 14 different countries.
Experian– This agency was founded in 1980 in Nottingham, England. The company operates in 36 countries with over 15,000 employees.
The most common credit scoring system in use today is called the FICO. This is an acronym for the Fair Isaac Corporation who actually developed the scoring system. The main elements of the report as calculated by FICO are:
Payment history–В Have you had any late payments? If so, how many? The history will be looked at for all of your accounts.
Debt ratio– What is your monthly debt to income percentage?
The actual score developed will fall somewhere between 300 and 850. The higher the score, the better.В In general, over 700 is considered good risk and below 600 is considered a high risk.