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Q.
What information is in my Credit Report?
A. A credit report is a collection
of information that is used to provide an outline of a person's financial history.
The section below lists the main areas of a standard credit report:
Personal Information
This section contains your name, address,
date of birth, social security number and will include your spouse's information
if it is a joint report.
Credit Score
The credit score is an indication of the
type of credit risk as seen by a potential credit lender. The higher the score,
the less risk. Those people with a high score are considered more likely to pay
their debts each month and are less likely to default on a loan.
Tradelines
A tradeline is an account that you have
opened such as a mortgage, automobile loan or credit card. There will be one tradeline
for each account that you have opened. The tradeline information will indicate the
name of the creditor, an encoded version of the account number, when the account
was opened, the status of the account, the high balance, current balance, monthly
payment, method of payment, status, delinquencies and the last two years of monthly
payment history.
Public Record Information
This section will list any judgments, tax
liens and bankruptcies in the last seven years. Some courts report this information
electronically, but most of this type of information is collected by individuals
or companies who manually compile the information and then resell this information
to the credit bureaus.
Inquiries
The inquiries section is a list of everyone
who has ordered a copy of your credit report in the last two years.
Variances
The variances section contains information
that does not match the information provided when the credit report was requested.
This section will indicate if other social security numbers, addresses or names
are on file with the credit bureau.
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