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Information about your Credit Report you should be aware of

By Ruth Racey
Published: Friday, July 16th, 2010

Your credit report is one of the most important documents you will ever have since this document is used to create your credit score. There are many things on this report that are not understood easily since this document is complicated. The following paragraphs will help you understand your credit report better so that you can assess if the information on this document is correct or not.  

What Information is Available on My Personal Report? 

Your credit report will include personal information like your name, your current address, your previous address, your employment details, details of the loans you have taken, financial inquiries you have made, any collections that have been taken from you and if you have filed for bankruptcy or not. Your credit limit and the amount of credit you have taken will also be displayed on your report. This important report goes back to credit you have taken or payments you have made in the 7 years. 

Who has Access to this Crucial Document? 

Under permissible purposes a number of people have access to your credit report. Loan companies, credit card companies, mobile companies, employers, courts and landlords are allowed to use this document to access if you should be given a particular service or not. In most cases these people need your authorization to access this document but in certain cases they are given the right to access your document without your permission. 

How Long Do These Details Stay on My Document? 

Each detail stays on your report for a different period of time. Bankruptcy filings stay on your report for 7 years and so do any collection accounts. Charge offs and closed accounts also stay on your report for a period of 7 years. Judgments stay on your report for seven tears from the filing date and late payments stay on your report from the date of the late payment. Inquiries stay on this document for a period of two years and tax liens stay on this document for 15 years if they are unpaid. Paid tax liens stay on the report for 7 years from the date the tax has been paid off. 

How to Get Expired or Fraudulent Information Off the Report? 

If you want to get expired or fraudulent information off your credit report then you will need to contact the credit bureau and file a dispute. The credit department will get in touch with you within 30 days and take the matter forward.

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