Your credit history is neatly summed up in what’s called a credit report. It includes the account history information you might expect, along with your employment and personal information (among other things). More than one credit report company or bureau keeps records on you as well. These include Equifax, Experian, and TransUnion. While they all record the same information, it’s important to note that they don’t share this information with each other.
Several entities can access you credit report for a fee. These include the following:
* Employers
* Insurers
* Landlords
* Lenders
These entities use your credit report to find out what kind of credit risk you are. It helps them determine whether or not they will do business with you. This means they’re using the facts of your credit history in whole or part to influence some portion of your future. The following is a list of times in your life when entities may look at your credit report:
* When applying for a job
* When applying for a loan
* When applying for credit
* When applying for insurance
* When applying to rent an apartment
This primary section of your credit report lists all your accounts (sometimes even inactive/closed ones) and includes: credit limits, available credit, loan amounts, loan balance, payment history, and terms. Note that accounts in your name, as well as ones where you are an authorized user appear.
Inquiries This section lists those that have acquired your credit report through a transaction. Note that your personal inquires don’t appear here.
The quick answer to this is no. Understanding what they don’t record can be important. For example, it may come as a relief to know that after ten years, bankruptcies are removed from your credit report. Inactive/closed accounts can take up to eleven years to be removed, while resolved delinquent accounts or collection items are removed after seven years.
The following are some other things that you won’t see on your credit report:
* Checking account
* Ethnic background
* Gender
* Marital status
* Medical history
* Political affiliation
* Religious affiliation
* Savings account