When you apply for a loan or other credit, lenders want to know how you manage your debt. Your credit report is meant to provide a detailed record of your debt ratio – how much you have and how well you pay. It also includes personally identifiable information that helps verify that the information in the report is yours.
Your credit report does not include your marital status, medical information, shopping habits or transaction details, income, bank account balances, criminal history, or educational level. It also does not include your credit score. In more detail, let’s take a look at some types of information that don’t appear on your credit report.
Non – debt financial information
While your credit report contains a lot of financial information, it only includes debt-related financial information. Loan and credit card accounts will appear, but there will be no balances, investments or check purchases, or savings transaction records. Have you bought a car? Your purchase will not appear on your credit report, but any loan you used to finance it will.
Information on income and employment
Your credit report may include current and former employers as part of your personally identifiable information. However, your credit report will not show any information related to your income. Income can play a role in the credit application process – Lenders often ask about your income to help them determine if you have the financial means to pay off debt. But they generally get this information directly from you (usually in payroll or W2 form), not as part of your credit report. Also, since income is not part of your credit report, it is never a factor in calculating your credit score.
Public records (excluding bankruptcy)
Previously, credit reports may contain information on public records of civil sentences, tax liens, parking fines, and even library fines. But this information is no longer included in your credit file. Currently, bankruptcy is the only public record information included in a credit report from the three national credit reporting companies: Experian, TransUnion, and Equifax.
By law, credit bureaus, including Experian, cannot release medical information relating to physical, mental, or behavioral health. And although Experian does not collect or display medical information as part of your credit history, you may see the name of a medical provider as the original creditor on a collection account (such as “Cancer Center”). Even if you see the name of the original creditor from whom the collection debt was purchased, it will show your lenders and others who are viewing your credit report simply as “medical payment details”.
Expired and unrelated information
At some point, even relevant financial information becomes old news. Here are some examples of when assets expire and should be automatically discarded from your credit report:
Your credit report does not include personal information that is not related to your credit. Examples include:
What is included in your credit report?
Ultimately, there is much more excluded from your credit report than is included. The four basic elements of your credit report are:
Personally Identifiable Information – This includes your name and alias (other names you have used), your date of birth, Social Security number, current, and past home addresses, telephone numbers, and possibly current and former employers.
Credit and Loan Accounts – This includes mortgages, car loans, personal loans, student loans, credit cards, and credit lines.
Soft and Hard Requests – Any company that has requested to view your credit report.
See for yourself
It’s important to know the types of information that goes into a credit report, but the best way to find out what’s really on your credit report is to review it yourself. Of course, the best way to find out what’s really on your credit report is to check it yourself. You can get a free copy of your credit report from each of the credit reporting agencies at AnnualCreditReport.com. You can also get a free credit report
Esperia at any time. It is a good idea to check your credit report and credit score at least once a year and whenever you are preparing to apply for a major loan, such as a mortgage or car loan.
When do items appear on my credit report?
Normal information, such as paid or unpaid notation, typically reaches a credit report within 30 days of the close of the billing cycle for that account. According to Experian, creditors and lenders from one of the “big three” credit reporting agencies typically report to an office once a month. If payment is posted near the time indicated by the creditor, that payment is quickly displayed. If payment is posted immediately after the creditor is reported, that payment will show almost a month later.
When you apply for a loan or credit line, a “hard request” is generated, which can stay in your report for up to two years. If you go asking a frenzied question, the No. 12 will see all 11 applications above. (Note, however, that if a set of credit checks applies to the same loan in a few days, such as a car loan, only one case will be considered for a change in credit score.)
There are no laws requiring creditors to provide credit information, so valid or neutral information can never be reported. Creditors, as service providers and mobile phone owners, rarely report a positive payment history, and choose to report only when an account is insolvent. However, there are some rules for presenting negative information. You cannot report a late payment on your credit history until you are 30 days late. A creditor can then report the late payment to you.
Creditors will not normally reduce debts and will open an account with a collection agency until 180 consecutive days of default have elapsed. Therefore, it can take at least six months for your credit report to be compiled or charged. However, each month that you fall behind is an opportunity for a creditor to report debt so late (30, 60, 90, 120, 150, or 180 days past due) that your credit score has been further damaged.
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