What's in a credit report

[genchan]

What information exactly can they put into your credit report and is there anything that they aren't allowed to put in it? I know that certain companies will give in formation to the credit rating services, but who gives this information and why exactly do they give it?

[MrsChambers]

whelp, most ALL credit card companys report.
All your auto, home, personal loans will be reported. (got through a bank, institution)
most the time any collection accounts that you may have will be reported.

if you have skipped out on any bills in the past, you should expect to see them on at least ONE of your reports, if not all three.

any public records reguarding your financial state: bankrupty's, tax liens, forclosures, judgements - car reposesions may come under this, (if they don't, they will come up somewhere)

any other misc. stuff that you perhaps you have not paid in the past.

they will also include:
name
address
ssn
past address'
perhaps your current and former employer(s)

they will put if you are current on eacho f your accounts or past due, or what-ever the case is.

I dont' know if there is anything that they are not allowed to put in...

WHO GIVES THIS INFORMATION: the people who you are or have delt with in any kind of financial matter

WHY DO THEY GIVE IT? well, negative information (money that you owe(d)) is obviously reported so that you will PAY THEM... so they put they put the negative tradeline on your report, hope your not a deadbeat for the next 7 years, and hope to get paid.

credit card companys report because... hell, i don't know... But I'm certain it has something to do with nosterdomus' prediction's!!

[barbd00]

Basically everything you ever want to do will be in your credit report.

Want to open a savings account? They'll check but won't report unless you go bad on it.

Want insurance? They check and report if you owe them money.

Electric? They check.

It isn't just credit card and loan companies any more.

Pay close attention to your credit report. Especially the part that has old jobs (yes they are listed) and old addresses. My hubby was a victim a few years ago of fraud. It was a family member that used his credit (and address) for things from mail in catalogs.

We had a tough time because the stuff was actually shipped to his address. It was before I moved in with him and his aunt would sometimes stay with him. She destroyed his credit. It took us months to get it straightened out.

You should always check your credit report at least once a year. My mom had someone with the exact same name and birthday (but using her own ss#) some of her stuff was on my moms credit report.

If you are a jr or sr be especially careful... my hubby is also a jr and his father's things are listed on his sometimes. Even if the credit is bad... it can make you look like you have already borrowed too much (being overextended)

[MrsChambers]

go to www.annualcreditreport.com and check and see when you get your free report!!!

[BMEPhDinCO]

It does NOT include your income, your employment status, your family makeup (ie, kids, divorce), your rent payments, your bill payments (unless you are late, of course).

I second the above - go get your free report and check it out for yourself!

[greghanss]

The credit report companies act as an institution that will make a resume of all your transactions, i mean official and notable transaction ( like any credit you made, any car you've both, any company or job you held in the present or worked in the past). Be aware of whom you give your details too, there are a lot of scam artist out there that will promise a free credit check, you will just need to put your credit card in there. Recheck them 10 times before.
regards,
greg

[greghanss]

The credit report companies act as an institution that will make a resume of all your transactions, i mean official and notable transaction ( like any credit you made, any car you've both, any company or job you held in the present or worked in the past). Be aware of whom you give your details too, there are a lot of scam artist out there that will promise a free credit check, you will just need to put your credit card in there. Recheck them 10 times before.
regards