What's In My Credit Report?
By Angela Smith, Thu Dec 8th

Your credit report contains a list of every member creditor whohas lent you money or provided you with credit in any way. Itshows your charge accounts, automobile loans, bank and studentloans, home mortgage, and any other credit-related transaction.It shows when the credit line was opened, the highest amount youever borrowed, how much you owe now, and whether you've missedany payments or were late.

Your credit report also contains certain items known as "PublicRecords". Public Records include any credit-related lawsuitsthat you may have been involved in as well as liens,repossessions, foreclosures, judgments and bankruptcies.

Credit bureaus also report the names of other member creditorswho have made inquiries into your account. If a potential lendersees too many recent inquiries, they might not grant you creditif they feel that you are getting overextended.

There are, however, two types of inquiries that are part of yourrecord but are never seen by creditors. There are inquiries madeby you, on your own behalf, and inquiries made by companies thatsend you all of those unsolicited credit card and loan offersthat you get in the mail. So, while these offers may be annoyingto some, the good news is that you are not being penalized bythem.

How am I identified in my credit report?

Your credit report lists your name, current and previousaddresses, Social Security Number, Date of Birth, Spouses Name(if you are married) and your employer.

What other personal information do "they" know about me?

Nothing. By law, your credit report cannot contain informationabout your race, religious beliefs, political affiliations,sexual preferences, criminal records, or any other lifestyleissues.

How far back does my credit report go?

Positive or "good" credit information remains on your report foras long as you have an active credit relationship with thecreditor and for up to seven years after that relationship endssatisfactorily.

Negative, or "bad credit" remains for seven years except forbankruptcies which remain for up to 10 years. The public recordinformation that we mentioned earlier can remain for up to sevenyears after you remedy the problem that caused the informationto appear in the first place.

An unpaid judgment, which is an amount of money that a court hasdecided that you owe as the result of you're having lost somelegal action against you, such as not paying a bill whichresulted in the creditor taking you to court, can remain on yourreport for up to 7 years AFTER you pay the judgment, and willremain indefinitely if you do not pay it.

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inquiries generally stay on you report for up to twoyears.

How do I get a copy of my report and is it free?

As of September 1, 2005 consumers in all 50 U.S. States, PuertoRico, and all U.S. territories are now eligible to receive afree credit report from EACH of the three nationwide creditreporting agencies once per year.

Read more about the Fair and Accurate Credit Transactions Act(FACTA) and the Fair Credit Reporting Act (FCRA) here:

http://www.ftc.gov/opa/2004/06/freeannual.htm

To get your free annual credit report contact each of theseagencies at:

Equifax: (800) 685-1111 Equifax Credit InformationServices P.O. Box 74024 Atlanta, GA 30374

Experian: (800) 311-4769

The address depends on your situation. If you have been turneddown for credit, insurance or employment, it's: P.O. Box9600 Allen, TX 75013

If you are on welfare, unemployed but job-hunting, or believeyou have been a victim of credit fraud, the address is: P.O.Box 9532 Allen, TX 75013

TransUnion: (800) 888-4213 TransUnion LLC ConsumerDisclosure Center P.O. Box 1000 Chester, PA 19022

You are entitled to a free credit report from any agency thatprovided information that resulted in your being denied credit,insurance or a job if you request it within 60 days of thedenial.

There is also a U.S. Federal law, which says that you can getone free credit report per year, directly from each of the threemajor credit reporting agencies, if you can certify that:

* you are unemployed and will be looking for a job within thenext 60 days. * you are receiving any type of publicassistance. * you believe there are fraudulent entries inyour credit report.

If you are lucky enough to be a resident of Colorado, Maryland,Massachusetts, New Jersey, or Vermont then there are state lawsthat entitle you to receive one free report from any onecredit-reporting agency per year. If you live in Georgia thenyou may get two.

At LearningAboutCredit.com you'll find tips and insight ontopics such as budgeting, credit card management, saving,spending and more. To get your free report, "Learning AboutCredit: Steps to Take on the Road to YOUR Good Credit" visithttp://www.learningaboutcredit.comright now!

About the author:Angela Smith is the owner of LearningAboutCredit.com. Her goal isto provide you with the knowledge you need to become debt freethrough sensible financial management. Get your free report, Learning About Credit: Steps to Take on theRoad to YOUR Good Credit right now!