What will my credit report contain?
Although the format of each report will vary, all credit reports contain basically the same categories of information.
Identifying Information
Identifying information category includes basic information like your name, your social security number, your date of birth, and your background employment information. This information is provided as a way to identify you. It is not used in credit scoring and is updated by the information you supply to lenders when applying for loans.
Trade Lines
Trade lines are just a listing of all your credit accounts. This category identifies all the accounts you have open, what type of account they are, the dates you opened each account, your limit on each account, your current balance on each account and your payment history. The types of accounts listed are identified as bank cards, auto loans, mortgages, credit cards, etc.
Credit Inquiries
The Credit inquires category of your credit report indicates who has accessed your credit report within the past two years. There are two sections of this category, voluntary and involuntary. Voluntary inquiries are your own requests for credit, whereas involuntary inquiries are lenders who order your report to make you a pre-approved credit offer in the mail. Note that every time you apply for a loan acts as an authorization to your lender to obtain a copy of your credit report.
Public Record and Collections
Public record information includes bankruptcies, foreclosures, suits, wage garnishment, and liens. This information is collected from an entirely public database including state and county courthouses as well as information about overdue debt from collection agencies.
