Review and understand your credit report

Your credit report is a collection of information about you and your credit history, and can have a major impact on your life. The three credit reporting agencies are Equifax, Trans Union, and Experian.

  • Know whether you have a credit report. If you have ever applied for any of the following, you have a credit report:
    • Credit card
    • Student loan
    • Auto loan
    • Mortgage
  • Understand who looks at your credit report. Your credit report may be looked at by all of the following:
    • Potential creditors
    • Landlords
    • Potential and current employers
    • Government licensing agencies
    • Insurance underwriters
  • Know what these entities are asking.
    • How promptly do you pay your bills?
    • How many credit cards do you hold?
    • What is the total amount of credit extended to you?
    • How much do you owe on all of your accounts?
  • Be aware of the consequences of credit mistakes. Any negative information found on your credit report (late payments, bankruptcies, too much debt) can have a serious impact on your ability to do the following:
    • Get credit
    • Get a new job
    • Advance in your current job
    • Rent or buy a home
  • Know what is on your credit report.
    • Personal identifying information — Name, Social Security number, date of birth, current and previous addresses, and employers
    • Credit account information — date opened, credit limit, balance, monthly payment, and payment history
    • Public record information — bankruptcy, tax and other liens, judgments, and, in some states, overdue child support
    • Inquiries — names of companies that requested your credit report
    • Your credit score, depending on the type of report
  • Know what is not on your credit report.
    • Checking or savings account information
    • Medical history
    • Race
    • Gender
    • Religion
    • National origin
    • Political preference
    • Criminal record
  • Be aware of how long information stays on your credit report.
    • Positive information — indefinitely
    • Inquiries — 6 months to 2 years
    • Most negative information — 7 years
    • Some bankruptcies — 10 years
  • Request your free credit report.
  • Check your credit report. Review your credit report at least once a year, making sure the information is accurate. This can help you prevent and detect identity theft.
  • Report inaccurate information. Find out how by reviewing the Fair Credit Reporting Act.

If you had financial problems, clean up your credit.