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Vital information about your credit record
By David Pilley on November 21, 2011

770-credit-score-(1).jpgThe Federal Trade Commission is a government agency that gives consumers information on how to protect themselves from fraudulent business transactions. One of the most important pieces of information is the knowledge of what’s on your credit record. Credit record and credit report are synonymous (so I’ll use then interchangeably in this article), and they are important because they are used in determining whether or not you qualify for a loan. Some topics of interest include what is on my credit report, how long will it be there, and whether or not it costs money.

You have a right to see what’s on your credit report, but you must ask for it. Credit reporting companies collect and sell this information to creditors so they can have an idea of how you deal with owing money. Your credit record is divided into four sections, the first being identification and employment information. This section includes your name, birth date, Social Security number, and current employer. If a creditor asks, the identification section may also provide your home address, income, and employment history. The second section is payment history, which will show all timely payments, as well as any overdue payments or referrals to collection agencies. The third section is inquiries. Here, creditors can see every creditor who has asked for your credit history in the past year, as well as individuals or businesses who have asked to see it in the past two years. Finally, there is the public records section, which will list any personal legal actions, like bankruptcies, liens, or foreclosures.
Some of the information on your credit report will be negative, but it does not permanently stay on it. Most items, such as overdue accounts and debt settlements, will remain for seven years. Bankruptcy will typically remain in your credit record for ten years. The FTC lists three pieces of information that have no time limit on your credit report: criminal convictions, information to an application for a job that pays more than $75,000 a year, and information reported when you’ve applied for over $150,000 worth of credit or life insurance. Some of the information on your credit report may be inaccurate, and you can write a letter to each of the three major credit bureaus highlighting each piece of information you dispute. Incorrect information may be lowering your scores, so make sure everything is accurate!

Finally, is getting a copy of your credit score free? Under the Fair and Accurate Credit Transactions Act, everybody is entitled to one free copy every 12 months from each of the three major bureaus: Equifax, Experian, and TransUnion. Consumers in Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont have free access to their credit reports under state law, and there are some situations where people in other states can get more than one free copy in a calendar year. If a company denies your application for credit, insurance, or employment, you can ask to see your report within 60 days. If you’re on welfare, if your report is inaccurate, or if you’re unemployed and you plan to look for a job in the next two months, you are entitled to an extra free copy of your credit record.

Knowing the ins and outs of your credit report will give you a better understanding of who knows what, and why you have been approved for or denied a new loan. Knowing this information will also be helpful if something is incorrect, or if you have been a victim of identity theft.
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