The Process of Creating a Credit Report

You might be wondering how a credit report is created.  It is possible to access your credit report from three different credit reporting agencies.  If you look at your credit report from each credit bureau, you might notice that the reports can vary slightly.  For instance, an account that is listed on a report with Experian might not be listed on a report from TransUnion.  Or an account reported on TransUnion, might not be found on a report from Equifax.  Your credit report from each agency will only provide information on accounts reported to that agency.

A credit reporting agency gathers information on your credit history based upon accounts and details reported to them.  Your creditor will report information such as the date you opened an account, if the account is in good standing, the credit limit or loan amount and your current balance.  Details on monthly payments can also be reported.  Many creditors will report to the credit agency if you are 30 days or more past due on your account.

The credit bureaus will also receive information if you have an account that has been charged-off.  Bankruptcies and judgments will be reported to the credit reporting agencies.  These details can be on your credit report for seven years or more.

Credit reports usually offer two main categories.  The categories show accounts that are in good standing and then accounts that are in poor standing.  Legal actions and bankruptcies will be reflected as well.  Personal information is printed on a credit report as well including employer information, your addresses, your name, social security number and birth date.

Most credit reports are updated each month or every few weeks.   Some accounts might be updated more or less often. This depends upon how often a creditor reports updates and pertinent information to the credit reporting agency.  The credit reporting agency cannot make updates to your credit report until they receive the information from creditors and collections agencies. 

You can access your credit report online.  In addition, you can request (or order) credit reports through the postal mail service.   If you access your credit report online and need a paper copy, you can print it out.