Money IN/Money OUT Your Credit Report

A good credit record is important to have because it can affect your ability to get a job or buy life insurance. A credit report is a detailed record of your credit payment history. Your credit report will include four types of information, in detail:

• Identifying
  Your full name, nicknames, current and previous addresses, Social Security number, year of birth, current and previous employers, spouse's name.

• Credit
  The credit accounts you have with banks, retailers, credit card issuers, and other lenders. For each account, the report will state the kind of loan, the date you opened it, your loan amount or credit limit, and the current balance. Your payment record is coded from "0"(approved, not used) to "9" (seriously delinquent/bad debt). These ratings are what creditors use to determine if you will receive credit from them. Your record will also give names of any co-signers. Negative credit information remains on your report up to seven years. Positive information stays on indefinitely.

• Public Record
  State and county court records on bankruptcy, tax liens, or monetary judgments. In some states, credit reports will include overdue child support payments. Bankruptcy information can remain in your file for up to 10 years.

• Inquiries
  A list of names of any persons or companies obtaining a copy of your credit report for six months to two years. Only creditors, employers, insurers, government agencies, or anyone with legitimate business, such as a landlord, are allowed to get a copy of your report.
  You have the right to get a copy of your credit report and it is a good idea to see if all three credit reports are accurate. There is a small charge for a copy of your report unless you have recently been denied credit. If you have been turned down for a loan or credit card, you must be told which credit bureau provided the information on which the lender's decision was based. The denial letter will tell you how to request a copy of your current credit report without charge.
  If you find inaccurate information, you have the right to prove it is inaccurate and get the report corrected or add a statement of expla-nation. Follow the directions with the report.
  Three large national companies maintain this information and provide it to creditors when you apply for a loan or credit:

• Equifax 1-800-685-1111
  www.equifax.com

• Experian 1-888-397-3742
  www.experian.com

• TransUnion 1-800-916-8800
  www.transunion.com

  
  

  _{North Carolina State University
  College of Agriculture and Life Sciences
  North Carolina Cooperative Extension Service
  Family & Consumer Sciences Department}