Credit Report Frequently Asked Questions

For those who prefer the question and answer format, we've prepared the following credit report FAQ, to help you better understand what factors are included in your credit report.

You can also find useful information about credit in our
separate credit scoring FAQ.

1. What is a credit report?
   
2. Who updates your online credit report?
   
3. Who uses your online credit report?
   
4. How can I get a free copy of my online credit report?
   
5. Why should I get a three-agency credit report?
   
6. What kind of information is in a credit report?
   
7. What kind of information is not in a credit report?
   
8. Do bank accounts appear on credit reports?
9. Are there different kinds of online credit reports?
   
10. Can I improve my online credit report?
    
11. Would a lender rather use a credit report or a credit score?
    
12. Will my online credit report determine if I get my loan or credit card?
    
13. How can I find out why I was denied credit?
    
14. What is a credit inquiry?
    
15. Which public records are included in a credit report?
16. What should I do if I find an error in my online credit report?
    
17. How do I contest information on my online credit report?
    
18. What is identity theft?
    

1. What is a credit report?
   A online credit report is a list of information from all of your credit accounts - loans, mortgages, credit cards, from public records - judgments and collections, and from lenders with whom you have applied for credit. Simply put, it is a record of how much debt you have and how well you have managed it.
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2. Who updates your online credit reports?
   One of the three main credit reporting agencies - Experian, Equifax, or TransUnion - compiles your credit report using information sent to them by creditors and information gathered from public records.
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3. Who uses your online credit report>
   Whenever you apply for a loan, mortgage, or credit card, the company or bank considering your account consults your credit report to decide whether to approve your request or not.
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4. How can I get a free copy of my online credit report?
   Simply sign-up for a free trial of Privista's credit monitoring service. Once you sign up, you'll have free online access to your credit report for thirty days.
   Click here to get your free credit report.
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5. Why should I get a three-agency credit report?
   If you want more than just a casual look at your credit report, you should consider ordering the composite three-agency report. Creditors often make mistakes in reporting your personal financial information so it's important to know where you stand with all three agencies.
   Click here to order a three-agency credit report
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6. What kind of information is in a credit report?
   Personal identification information, a credit history summary, public records, and a list of credit inquiries.
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7. What kind of information is not in a credit report?
   By law, your ethnic origin, gender, nationality, religion, marital status, and receipt of public assistance cannot be contained in a credit report. It is important to remember that although certain information (such as level of education) is not contained in a credit report, a lender may still consider it when deciding whether to approve your credit application.
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8. Do bank accounts appear on credit reports?
   Generally, checking and saving account information will not appear on your credit report. A record of habitual check bouncing or leaving an account open with a negative balance may, however, be noted on your credit report. Private utilities and phone bills won't appear either, unless the accounts were turned over to a collection agency.
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9. Are there different kinds of online credit reports?
   In theory, every online credit report should contain the same credit information. However, your account information is shared voluntarily by creditors, who may chose to report to one credit agency, to all three, or to none at all. Of course, reports can contain errors. To make sure your credit information is accurate, it is a good idea to obtain athree-agency credit report.
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10. Can I improve my online credit report?
    Typically after seven years, negative information on your report will be erased. Lenders do like to see improvement in credit behavior, so the best thing you can do is to manage your debts responsibly and pay your bills on time. See also our eight tips to improve your credit score.
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11. Would a lender rather use a credit report or a credit score?
    Credit scores are probably more popular because they are fast and easy. They also do a better job of predicting your future behavior by considering not only your financial past but how your behavior has changed or improved. You can learn more about credit scores in our credit scoring guide.
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12. Will my online credit report determine if I get my loan or credit card?
    The answer to this is both yes and no. A credit report is just part of the information that a credit card company or loan officer will consider when deciding whether or not to approve your application for credit. Loan officers in particular will be interested in many other factors, such as your income, employment record, and the value of your assets. Most credit card companies have different plans and cards for different credit backgrounds, so even if you have a poor credit history, you may be able to get a credit card.
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13. How can I find out why I was denied credit?
    The Equal Credit Opportunity Act requires that you be informed of the reason you were turned down for credit within 30 days after being denied. Also, you are entitled to a copy of your online credit report if you request one, within 60 days after being denied additional credit. Lenders are not required to disclose your credit score, although you can acquire this information yourself.
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14. What is a credit inquiry?
    A credit inquiry is a request for a copy of your credit report or credit score. Having a lot of credit inquiries on your report can indicate to a potential creditor that you are a credit risk. For this reason, they are considered in credit scores. Remember, credit inquiries made by you, an employer, or by a credit card company for a pre-approved card will not affect your score.
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15. Which public records are included in a online credit report?
    Credit reports include records of bankruptcies, judgments, liens, repossessions, suits, and wage attachments. Non-financial public records such as arrests are not included on your credit report.
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16. What should I do if I find an error in my online credit report?
    Notify the credit agency that produced the report. You are entitled to an investigation and a follow up report by the agency within 30 days. If you are in the process of applying for a line of credit, notify your lender of the error. It is always a good idea to order a copy of your online credit report before you apply for any major line of credit, just to check for mistakes.
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17. How do I contest information on my online credit report?
    If you and a creditor disagree about the account information on your online credit report, there is, unfortunately, little you can do to completely remove the information from your record. However, you can make a statement of dispute outlining the source of disagreement. This statement will appear on your credit report along with the creditor's account summary.
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18. What is identity theft?
    Identity theft is the process by which an individual other than yourself uses your personal information to obtain loans and other accounts, apply for employment, or commit other crimes. The damage to the victims financial well-being can be devastating, and sometimes irreversible.
    To learn more about the potential danger to you, please visit our identity theft guide.
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Go back to the in-depth credit guides.