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Basics of Your Credit Report that can help you

By Ruth Racey
Published: Saturday, September 18th, 2010

Most people are aware that the credit report is an important document but very few people really know what this report is all about. Each person in the USA is allowed to get a free report each year from each credit reporting company and in order to know how to use your report it is important to know the basics. The following paragraphs will explain to you in detail the various aspects of your credit report.

What is the Information Included in my Annual Report?

A credit report is basically a document that contains information about your financial transactions. This crucial document contains details about your credit history, payments made using credit cards and loan history. Your personal information is also included in this important document. Some of the information that is included in the credit report includes your name, your previous address, your present address, your employment history, collection records and certain public records like personal bankruptcy records. Tax liens records are also included in your annual report.

How Long Is My Annual Report Valid?

Your credit report contains details of transactions you have made in the last 7 years. If you want to remove any old information from your annual report then you will need to file a dispute with the credit bureau. This report is updated on a monthly basis by credit companies and lenders are sent the required information electronically. The post office, courts and tax agencies send updated information periodically.

Who Can Get Access to My Annual Report?

People who give you credit, provide services or insure you are allowed access to your credit report. Employers, landlords, courts and utility companies are also granted access to your report. Your employer is also granted permission to know the details of your credit report. In most cases you will be informed before any one gets access to your report but in certain cases you may not be asked for permission.

Where Can I Order My Personal Annual Report?

You can order your personal report from one of the three credit handling companies. In order to get your free annual report you will either need to fill out a form taken from Equifax, TransUnion and Experian or you will need to log on to the genuine website that hands out Annual Credit Reports. Very few websites are authorized to hand out your personal annual report and it is always recommended to get your report from an authorized website.

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