In the past, credit reports were difficult to interpret due to their use of codes, lines of data, and mysterious markings. However, in the past decade, credit reports have become much more easily readable and understandable. All three major credit reporting agencies follow similar formats for their consumer reports, which include information on personal details, employment, public records, revolving accounts, installment accounts, mortgage accounts, collection accounts, inquiries, and creditor information. While direct lender-pulled reports may still be somewhat challenging to interpret, they still contain the same basic information as the reports from the three major agencies.
Your credit report is a detailed record of your credit history, and it includes a variety of information about your borrowing and repayment habits. It includes personal information, such as your phone number, current and former addresses, and employment information. It also includes information about public records, such as bankruptcies, civil judgments, and tax liens. Your credit report also includes information about your revolving accounts, such as credit cards, as well as mortgage and installment accounts, such as auto loans and student loans. Collection accounts, which involve third-party companies collecting on past debts, are also included on your credit report. In addition, your credit report includes a record of inquiries, or times when you or someone else has requested a copy of your credit report.
There are time limits on how long negative items can appear on your credit report. Delinquencies, or missed payments, can remain on your report for seven years from the date of the initial missed payment. Collection accounts and charged-off accounts, or accounts that are no longer being actively pursued for payment, also remain on your report for seven years from the date of the initial missed payment. Closed accounts, which are no longer available for further use, remain on your report for seven years if they had delinquencies or for 10 years if they were positive closed accounts. Lost credit cards with no delinquencies remain on your report for two years from the date they were reported lost, while delinquent payments on lost credit cards remain on your report for seven years. Bankruptcy, child support judgments, civil and small claim judgments, and tax liens also have specific time limits for how long they remain on your credit report.
This article was last updated on March 15, 2023