What's in a credit report?
Credit reports are a summary of your credit history, reported to credit bureaus by lenders and creditors. They contain personal information to identify you; information about your credit accounts, like credit cards, mortgages, student loans, and vehicle loans; and bankruptcies. Credit reports are used by lenders as one factor in helping determine your creditworthiness.
Your consumer credit reports are available from the three nationwide credit bureaus — Equifax, TransUnion and Experian.
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Q. What type of information is included in an Equifax credit report?
A credit report is a summary of your credit history, and certain other information, reported to credit bureaus by your lenders and creditors. Your Equifax credit report contains four types of information:
- Identifying information. This includes personal information, such as your name, address, Social Security number, and date of birth.
- Credit accounts. Your Equifax credit report lists your current and past credit accounts as reported by your lenders and creditors. They are listed by type of account (for example, credit card, mortgage, student loan, or auto loan), the date you opened the account, your credit limit or loan amount, the account balance, and your payment history.
- Inquiry information. Inquiries are recorded when a company requests information from your credit report.
Soft inquiries may include your own requests for your credit report, inquiries by companies extending you preapproved offers for credit cards, or inquiries made by your current creditors who wish to perform a review of your credit (also known as “account monitoring”). “Soft” inquiries are only visible to you and not to potential lenders or creditors, and do not impact your credit score.
Hard inquiries occur when a potential lender reviews your credit history because you have applied for credit such as a new loan or credit card. These may remain on your Equifax credit report for 24 months. ”Hard” inquiries do impact credit scores.
- Bankruptcies and collection information. Bankruptcies and past-due accounts that have been turned over to a collection agency, including accounts with doctors, hospitals and cable companies, could also be included in your Equifax credit report.
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Q. How long does information stay on my credit report?
There are time frames for how long different types of information may remain on your credit report.
- Negative information, such as late payments or collections, stay on your credit report for approximately seven years. Bankruptciescan stay on your credit report for up to 10 years, depending on the type of bankruptcy.
- Positive information generally remains on your credit report for a longer period of time. Credit accounts that you pay as agreed may stay on your credit report for up to 10 years from the last update we receive from the lender. Revolving credit accounts, such as credit cards that have been paid as agreed, may stay on your credit report as long as you keep the account open.
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Q. How do I get my free credit reports?
There are a few ways to get your free credit reports.
You can access your Equifax credit reports online with a free myEquifax account. In addition, you can click on "Get my free credit score" on your myEquifax dashboard to enroll in Equifax Core Credit™ for a free monthly Equifax credit report and a free monthly VantageScore® 3.0 credit score, based on Equifax data. A VantageScore is one of many different types of credit scores.
You can also receive your Equifax credit report by calling Equifax Customer Care at 888-EQUIFAX.
Your free credit reports from each of the nationwide credit bureaus - Equifax, Experian and TransUnion - are available at annualcreditreport.com. These free credit reports can be requested online, by phone, or by mail. Please note that credit reports do not include your credit scores.
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Another way you can receive a copy of your free credit report from the three major credit bureaus is if you meet one of the requirements listed below, as outlined in the Fair Credit Reporting Act. This law indicates that if you meet one of these requirements, you are entitled to one additional free copy of your credit file during any 12-month period:
- You are unemployed and intend to apply for employment within 60 days;
- You are receiving public welfare assistance;
- You believe their consumer file contains inaccurate information due to fraud; and
- You have been the subject of adverse action, such as denial of credit or insurance, within the past 60 days.
If any of these situations apply to you, you can request your additional free copy of a credit report from Equifax by contacting us.
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Please click anywhere on the boxes below to test your knowledge.
Please tap anywhere on the boxes below to test your knowledge.
Fact or Fiction?
Anyone can view my credit report
Fiction
The Fair Credit Reporting Act (FCRA) specifies who can see your Equifax credit report. Businesses must have a "permissible purpose," as defined in the FCRA, to obtain your credit report. Otherwise, only you and those you give permission to can access your credit report.
Fact or Fiction?
If I see something on my credit report that is incorrect, I cannot do anything about it.
Fiction
If you believe that any item of information contained in your Equifax credit file is incomplete or inaccurate, simply notify Equifax directly, and we will promptly investigate the matter with the source that provided the information.
Fact or Fiction?
Library fines will appear on my credit report.
It Depends
If library fines are not paid, and the issuer sends the late payment information to a collection agency, that information may wind up in your credit report. Equifax has procedures in place to help prevent that information from appearing on your credit report from Equifax.
Fact or Fiction?
My checking and savings account information appears in my credit report.
Fiction
Checking and savings account information do not appear in your credit report. In addition, the following items do not appear: Gender, ethnicity, religious or political affiliation; medical history; criminal records; actual items purchased with a credit card; and motor vehicle records.
Fact or Fiction?
My credit report is updated daily.
Fact
Your credit report is updated regularly, sometimes daily, as your creditors and lenders report the status of your accounts to the credit reporting agencies.
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