The credit report is derived from the credit file maintained by the three national credit bureaus. The credit report is a comprehensive view of an individuals credit history, including details of transactions, payments and account types as well as personal information and public records. A credit report lists any credit or debts and tells whether or not payments were received on time as agreed. Credit reports are compiled by three national credit bureaus that operate in the United States: Equifax, Experian, and TransUnion. Each of these companies independently collects data from your creditors (subscribers), public records agencies, and other sources of financial information. Creditors, in turn, access the information contained in credit files from one or more of the credit bureaus when evaluating your applications for credit. This information is compiled into the consumer credit report.
The information contained in the credit report is obtained from a variety of sources as follows:
- Personal information. Compiled from credit applications you've filled out, this information normally includes your name, current and recent addresses, Social Security number, date of birth, and current and previous employers.
- Credit history. The bulk of the credit report consists of details about credit accounts that were opened in the consumer's name or that list the consumer as an authorized user (such as a spouse's credit card). Account details, which are supplied by each account's provider, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether the account was paid on time. Closed or inactive accounts stay on the report for 7 to 11 years from the date of their last activity.
- Inquiries. The credit bureau records an inquiry whenever the consumer's credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on the credit report for up to two years.
- Public records. Matters of public record obtained from courts of law. This includes liens, bankruptcies, and overdue child support may appear on the credit report. Most public record information stays on the credit report for 7 to 10 years.
A credit report does not include information about checking or savings accounts, gender, ethnicity, religion, political affiliation, medical history, or criminal record. The credit score is generated by information on the credit report, but is not technically part of the report itself.
