Types of Information Contained in a Credit Report
Credit reports contain information regarding financial actions. These actions will include loan account information and payments on those loan accounts. It is suggested that this information be reviewed at least once every year. This will allow checks for report accuracy. The types of information on a credit report are:
This will include: full name, current address and place of employment. It may also include previous addresses and previous places of employment. There may also be name variations or even name misspellings listed. This will usually relate to minor creditor reporting errors. These minor errors are not considered important. They also provide a link between identities and credit information. However, if the error indicates a completely different identity, then it should be reported to the credit bureau immediately.
Credit Summary Section
The credit summary section will summarize the information pertaining to different account types. This section is comprised of the number of accounts, balances and delinquent account information. Account types listed are:
• Installment accounts (loans)
• Revolving accounts (credit cards, lines of credit)
• Real Estate accounts (mortgages)
• Collection Accounts
• Other types of accounts
In addition, the Credit Summary will also indicate:
• The number of open accounts
• The number of closed accounts
• Accounts listed in public records
• Credit inquiries made in the last two years
Account History Section
The Account History Section will contain the majority of the credit information. Each credit account will be listed here. For each account, payment details will be listed. Details listed will include:
• Name of the creditor
• Account number associated with each account (part of the number may be obscured for security reasons)
• Type of Account (mortgage, auto loan, revolving, etc.)
• Account Responsibility (joint, individual or authorized user responsibilities)
• Monthly account payment (minimum monthly payment amount required)
• Date Account opened (month and year of account establishment)
• Date reported is the date of the last report made by the creditor to the credit bureau
• Account Balance is the current amount owed on the account as of the last reporting date
• Amount of the original loan or the current credit limit
• High Credit or High Balance is the largest amount that was ever charged on a credit card. For installment loans, it will be the original amount of the loan
• Past due is the amount that has past the normal payment date at the time of reporting
• Remarks section includes comments posted by creditors
• Payment status (current, charge-off, past due). Current accounts may still list delinquencies
• Payment History will indicate the monthly payment status from the beginning of the account
• Collection accounts will appear in the account history or in a separate section
Public Records Section
The public records section will include court judgments, bankruptcies, tax liens and overdue child support (in some states). Public record entries may remain on a credit report for seven to ten years. Public Records entries are considered particularly negative on a credit report. To get daily credit monitoring plus access to your credit reports, consider one of these credit monitoring services http://stopidentityfraud.org/credit-monitoring-services
The credit inquiries section lists those who have accessed the credit report. This will include inquiries made within the past 2 years. Individual credit reports will list all of the inquiries within the last 2 years. However, not all of these are listed on lender’s and creditor’s versions. Lender’s copies will only show ‘hard’ inquiries. A hard inquiry is made when a credit application is submitted. A ‘soft’ inquiry is made when a lender accesses the report for credit promotional purposes. Soft inquiries have no effect on an overall credit score. However, hard inquiries will lower a credit score by a small margin.
Keeping your credit score and credit rating in good standing is extremely important when it comes time to apply for auto loans, mortgages & other revolving lines of credit. Unfortunately some of us fall into a bad spot where we’ve let our credit scores drop because of debt, identity theft and various other reasons. This doesn’t mean you have to live with a bad credit rating forever.
There are many ways people can begin improving their credit scores with some simple techniques they just might not be aware of. Erasing old, inaccurate information from your credit reports, paying off old debt, & avoiding late payments are just a few ways that you can start boosting your credit scores immediately.
Lenders look at credit scores as a means to judge an individual’s creditworthiness. In today’s market, it may look like everyone is taking a hit to that all important credit rating. It’ll likely come as a surprise to you that some states are do better than many others. Dwelling in a specific locale does not mean you’ve got perfect credit, yet. Understanding which says top the list will provide you with a concept of the manner in which you compare together with the individuals residing around you.
What Variables Determine a State’s Typical Credit Score?
Just what variables can alter the common credit rating of a state’s residents? There really are a number to contemplate. Joblessness is among the top concerns. States with better employment numbers often have residents using a healthy FICO score. Being jobless forces some visitors to rely greatly on credit to fund essentials, and that could drive their scores down. Foreclosures inside the state are another prime concern. Other factors include:
- Typical charge card payment history
- Natural disasters which affect the state market
- New companies
- Home marketplace
- Insolvency rate
- Warm weather locations often endure more than states that face the chilly each year, also. This might take part because of their tourism-based markets. As a country, Vantage Scores average from 707 to 785, but by state, there’s a broader distribution.
A Review Of the Top Ten
10. Iowa – With a score that sits around 771, Iowa makes the most effective 10. Residents of Iowa tend to get low bank card delinquencies, as well as the state in general has low joblessness. Iowa does take a moderate ding to get a greater-than-average foreclosure speed. It had been enough to motivate the state right down to number 10.
9. Hawaii – Hawaii is tied with Wisconsin and Connecticut for average credit rating, with all three coming in at 772. Hawaii is the exception to the warm weather rule. While this sunlight state is famous for the high expense of living, it also hosts among the greatest amount of millionaires per capita in the U.S.
8. Wisconsin – Coming in at 772, Wisconsin boasts a gross state product of $248.3 billion. An adverse element in its credit rating is high joblessness. The Bureau of Labor Statistics reports the speed in Wisconsin hovers around 6.3, but that’s a large progress on the 2010 amounts.
7. Connecticut – The per capita income in the area of Connecticut is among the elite in the nation, but the unemployment rate runs high. In cases like this, the one positive and one negative cancel each other out to provide the state an average credit rating of 772.
6. Massachusetts – With a score of 773, Massachusetts is number six on the top ten list. Like Connecticut, Massachusetts increases points depending on its high personal income – it’s the 3rd-wealthiest state in the union. It’s also home to 13 Fortune 500 firms, making it-one of CNBC’s top states for company in 2010.
5. North Dakota – Back in 2011, this was the state that topped the set of greatest credit scores. These days, it’s still among the top competitors based on all of the credit metrics. North Dakota reports the lowest unemployment rate in the state – only 2.7 percent – and keeps low bank card delinquencies, giving it an entire credit rating of 775.
4. New Hampshire – Linked with North Dakota is New Hampshire. Like its New England neighbors, New Hampshire gains points for high personal income. It ranks number seven in the nation. Unlike Massachusetts and Connecticut, it’s a fair unemployment rate, also – well under the national average.
3. Vermont – The state of Vermont ties with South Dakota for time slot two and three. Vermont has steadily kept low foreclosure speeds. The national percentage of foreclosures is around one in every 2,370 home units. In Vermont, that amount is closer to one in every 39,000 units. Vermont ranks high in virtually every measurable class, giving it an average credit rating of 777.
2. South Dakota – Another state that produces the list every year, South Dakota additionally boasts a typical credit rating of 777. The state keeps a reduced unemployment rate, tied with Nebraska at 3.6. Additionally, it makes the very best six for high scores in most quantifiable groupings.
1. Minnesota – Topping the list by the end of 2013 was Minnesota. The residents of the state have a few of the best credit ratings in the country. United, their average sets Minnesota in the lead using a score of 785.
Fico scores transform year to year for every state. In 2011, North Dakota was on top of the stack, followed closely by Vermont, South Dakota and Nebraska. In 2013, Nebraska did not even make the list, due in part to a large number of reported personal bankruptcies.
Going to a different location in the country is most likely not the solution to boosting your credit rating, but understanding your state average does help provide some perspective. It requires work to build it up again when your score has dropped. The important thing for rebuilding a faltering credit report is an all-inclusive credit repair solution. It begins having an overview of your payment history and setting FCRA and FACTA laws to meet your needs, in order to construct better credit opportunities wherever you reside
TransUnion is one of the three credit reporting bureaus along with Equifax and Experian. The three credit reporting agencies keep track of your credit history and provide reports to prospective lenders and mortgage brokers. TransUnion not only reports on your credit, but they have processes in place to help make corrections to your report. On their site, TransUnion asks: “Have you applied for a credit card and been denied because of bad credit?” Credit card companies may be closing the door to you because of inaccurate information! TransUnion helps to fix your credit record, but only if you know what your TransUnion credit report says and specifically what needs to be fixed on TransUnion’s report.
TransUnion allows you to run a credit check on yourself quickly and easily. You could even pull your TransUnion credit report online while on a lunch break or in your pajamas at home. The sooner you see the Experian, Equifax or TransUnion credit reports that lenders and credit card companies see, the sooner you can make the changes needed to improve your credit rating and change in your life.
With a menu of reporting format options ranging from a free TransUnion credit report to a low-cost $29.95 three in one credit report profile including a free credit score, there is almost no reason that you can’t quickly and conveniently obtain your TransUnion credit report information and immediately report any payment, debt, name, or address mistakes to TransUnion.
Do you need to purchase a personal TransUnion credit report? Right now you can run a personal credit check for only $9. Do you want to compare your Experian, Equifax and TransUnion credit reports side-by-side to be sure none of them are reporting damaging or flat out wrong information about your credit history? If so, the three in one credit report is the way to go.
Yes, credit reporting agencies sometimes make mistakes. TransUnion may not even know it and their mistakes could cost you. It is up to you to make sure that your debt payment history information is reflected accurately on TransUnion’s report. Does your TransUnion credit report tell lenders that you made two late payments — but you didn’t? Does the report say that you still have an outstanding auto loan debt — but your car is paid off? Correcting wrong info can possibly increase your credit score. Increasing your credit score could mean the difference between a lender saying YES instead of NO. Transunion also offers id protection services that will keep track of your credit reports for fraud and identity theft.
Here is what a TransUnion credit report will show you:
- Names you have used
- Current and prior addresses
- Names of your creditors
- The amount of secured and unsecured debt taken out in your name
- Whether that debt is in the form of a revolving or installment account
- The current balances versus the limits on those accounts
- How prompt or late payments have been
- Your employment history and employer addresses
- Public records of judgments or liens against you
How do you get your TransUnion credit report right now? Just visit their site at www.transunion.com.free credit report.
Checking your credit score and reports regularly is extremely important for maintaining your good credit standing. Not only does it let you know the health of your credit, but it can also be a vital way to determine if you’ve been a victim of identity theft. We recommend checking your credit reports at least once per month, or signing up for a credit monitoring plan to assist you. However you are always entitled to one free credit report per year from AnnualCreditReport.com.
This is the one legitimate site that will absolutely not charge you for your annual report. Be cautious of other credit report sites that promise your free credit scores and reports. Most will try to make you sign up for a costly monthly plan, just to get access to your reports. If you are going to sign up for a monthly subscription, make sure it’s with a legitimate identity theft protection service, that will not only give you your scores & reports, but also monitor your accounts, social security number and more.