Your credit report consists of personal details, credit account history, credit inquiries, and public records. Lenders and creditors report this information to credit bureaus. It is used to calculate your FICO® Scores, which inform potential lenders about your creditworthiness.
While Experian, Equifax, and TransUnion each have their own formatting and reporting styles, all credit reports generally contain the same categories of information.
These four categories include: identifying information, credit accounts, credit inquiries, and public records.
Personally Identifiable Information (PII)
Encompasses your name, address, Social Security Number, date of birth, and employment details, which are used for identification purposes. PII is not factored into the calculation of your FICO Scores. Any updates to this information come from the data you provide to lenders when applying for new credit.
When reviewing PII:
Ensure that your name is spelled correctly, your current address is accurately displayed, and double-check your Social Security Number for any possible errors. If any of this information is incorrect, it is important to dispute it with the credit bureau(s) that have the incorrect information on their report. Additionally, there may be a section for “Personal Statements” where you can find items like a security freeze, fraud alert, or power of attorney comments. Make sure that any Personal Statements are correct.
Credit Accounts
Are reported by lenders for each account you have established with them. They disclose the type of account (credit card, auto loan, mortgage, etc.), the date the account was opened, your credit limit or loan amount, the account balance, and your payment history, including whether you have made timely payments. This information plays a significant role in calculating your FICO Scores, so it’s crucial to maintain good standing with your accounts.
When reviewing credit accounts:
Ensure that accounts in good standing reflect accurate information, such as the account name and number, date opened, balance, payment status, and payment history. Negative accounts indicate missed payments, so it’s important to verify that all information, from the account number and recent balance to the past due amount and payment history, is correct. If anything appears inaccurate, contact the credit bureau(s) and/or creditors for resolution.
Credit Inquiries
Appear on your credit report when you apply for a loan, granting lenders permission to access your credit report. The inquiries section lists all entities that have accessed your credit report within the past two years. The report displays both “hard” inquiries resulting from your credit applications and “soft” inquiries, which occur when lenders order your report to send you pre-approved credit offers. Only “hard” inquiries are visible to lenders, while “soft” inquiries are only visible to you.
While “soft” inquiries have no impact on your FICO Scores, multiple “hard” inquiries can indicate higher risk and potentially lower your score. It’s important to understand the effects of inquiries on your credit score.
When reviewing credit inquiries:
Ensure that there are no irregularities. Check who has made inquiries into your credit and whether they were shared with others. Your credit report will provide the name of the creditor who requested the inquiry, their business type, and the inquiry date. If you encounter a suspicious business name or are uncertain about why a particular company accessed your credit, contact the credit bureau(s) for guidance on the appropriate course of action.
Public Record and Collections
Credit reporting agencies also gather public record information from state and county courts, which includes records of bankruptcies. Additionally, any outstanding debts that have been handed over to collection agencies will be reflected in your credit report.
It’s important to remember that even if a debt collection appears on your credit report, it’s not the end of the world. While there are no quick fixes to repairing your credit, there are proven strategies you can implement to help improve your FICO Scores.
What to consider regarding public records:
A Chapter 7 bankruptcy will remain on your credit report for 10 years from the filing date, while a Chapter 13 bankruptcy will be removed after 7 years from the filing date. Keep this in mind if either of these bankruptcy types are listed on your report.
