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How to Read a Typical Credit Report and Transaction History |
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A credit report contains important information about you. There are five main categories: personal data, accounts transaction history, accounts of delinquents or defaulters, public records and inquiries.
Personal data comprises your name, any former names or alias, your social security number and previous and current addresses. Your employment history and salary are mentioned. For those married your spouse's information is also recorded. About Accounts Transaction History Accounts transaction history will maintain every detail on various accounts held by the individual. Entries such as creditor's name, address, type of account, account number, amount of credit extended or the original amount of the loan, current balance, any existing joint account, name of co-signers, date of account opening, whether the account is closed, date and person who closed it. An important detail to lenders and others, is your payment history. Your payment history shows the transactions you've made in the past 24 or 36 months, which shows whether the account is current or past due, and shows regularity of payment or if individual is 30, 60, 90 or 120 days delinquent. The creditor provides your transaction history to the credit bureau on a monthly basis as long as the account is active. They can check whether the account is in collection, charged to profit and loss, or discharged in bankruptcy. Creditors supply these records to banks, credit card companies, mortgage and finance companies, credit unions, savings and loans, commercial lenders, and department stores. Delinquents or default accounts supplies most information given above, but these are provided only to the credit bureau if the individual is delinquent or in default. The account status could indicate the number of days delinquent, but not show a detailed payment history. Also included is whether the account is in collection, charged to profit and loss, or discharged in bankruptcy. Local merchants, landlords, insurance companies, utilities, hospitals, lawyers and other professionals generally report this information. Here, account type, type of creditor and account status are key indications of knowing whether the account is provided to the credit bureau. Public records, include, bankruptcy filings, lawsuits, court judgments, foreclosures, judgment and tax liens, mechanics liens, child support delinquencies, criminal arrest and convictions. Credit bureaus get these details from private companies who source them from municipal, state, federal and government agencies and land record offices. Inquiries Contents Inquiries enlist creditors, landlords, employers and all who order a copy of their credit report within the year. Such requests are not limited to inquiries in response to a new application for credit, housing or employment. So a credit card issuer could use a cardholder's latest credit history to increase credit limit or suspend credit privileges. Credit reports come in handy for creditors to conduct legitimate promotions, like preapproved credit cards. In such cases the credit bureau provides the creditor with a database of consumer's addresses who come in the target segment of the creditor, like those with excellent credit ratings. While inquiries seem harmless, they could indicate that individuals are trying hard to obtain credit, a lot of credit or in a financial crisis. |
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