Your Credit History What Gets Reported And What Does Not
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Your Credit History: What Gets Reported and What Doesn’t
Overview
A credit report is a key document that details your financial status, focusing on your credit history. The three national credit reporting agencies?"Experian, TransUnion, and Equifax?"operate independently, so obtaining reports from all three is recommended for a comprehensive view.
What Information Is Included?
Your credit report encompasses personal, financial, and public information, along with recent credit inquiries.
- Personal Information: This section lists your full name, any frequently used nicknames or aliases, date of birth, and Social Security number. It also includes current and past addresses, job history, and potentially information about your spouse.
- Financial Information: All your accounts, with details such as opening dates and credit limits, are logged. This includes accounts with banks, credit card companies, and utilities. Loan information?"such as mortgages and student loans?"is outlined with payment patterns and any defaults. Some records, like those involving salaries over $75,000 or credit transactions above $150,000, are permanently noted, as well as any unpaid tax liens.
- Public Records: Financially related public records, usually from state and county courts, are included. These may involve convictions, arrests, charges, and monetary judgments, typically appearing for seven years. However, under federal law, convictions may appear indefinitely. Bankruptcies remain on your report for up to ten years.
What Information Is Excluded?
Certain details do not show up on your credit report:
- Debt records older than seven years and bankruptcies over ten years old are excluded.
- Your age, marital status, and race are not included if the report is requested by a current or prospective employer.
- Medical records require your explicit permission to be included.
- Any information that has been removed from records cannot be reinstated.
Conclusion
A credit report is a vital tool for individuals and organizations, helping them make informed decisions before engaging in financial transactions or agreements with you.
You can find the original non-AI version of this article here: Your Credit History What Gets Reported And What Does Not.
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