Credit Report Overview

Your credit report plays a critical role when you apply for loans, credit cards ,and other lines of credit.  If you have a positive credit history, you will have an easier time being approved for loans.  On the other hand, if you have credit problems, it might be more challenging to secure a loan and credit. 

There are many items that are included as part of your credit report.   Any of your credit accounts for which the creditors report your information to credit bureaus, will be listed on the report.  There will be a list of accounts in good standing and a list of any accounts that are in poor standing.  Your credit report will reflect any accounts that are past due.  The number of days past due will usually be reflected in 30 day increments on your report.  Your credit report will also offer information pertaining to the available credit line on your accounts and will show if you are over your credit limit. 

If you’ve filed for bankruptcy in the past 7-10 years (depending on the type of bankruptcy) it will be listed on your credit report.  The same is true for charge-offs or judgments against you for problem accounts.  Any accounts that have been turned over to a credit collection agency will be listed on your report.  Your credit report might also show if you have entered into a credit counseling program to handle your debt.

Your credit report will show the date that you opened any credit cards or took out any loans.  Accounts that have been paid in full will be reflected as such.  If you have closed a credit account, the date you closed the account will be shown on your credit report. 

Personal information is also listed on your credit report.  It will show your name and birth date as well as your social security number.  Your present address will be listed and possibly previous addresses as well.  Current employer information will also be listed. 

Your credit report is viewed by potential lenders to aid them in their decision to approve or deny your request for credit.  A report with a large majority of accounts in good standing should be your goal throughout life.