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Chapter 8: Problem 15

Describe what is contained in a credit report.

Short Answer

Expert verified
A credit report contains personal identification details, credit history, public records relating to financial matters, inquiries into the credit, and any disputes or fraud alerts.

Step by step solution

01

Personal Information

A credit report commences with personal identification information. This includes your name, aliases, addresses (previous and current), Social Security number, date of birth, current and previous employers, and if applicable, information about your spouse.
02

Credit History

This part of the credit report shows the extent of your borrowing and repayment activity. Here, it displays the credit accounts associated with you, the type of account (like mortgage, student loan, credit card etc), the date the account was opened, the credit limit or loan amount, the account balance and your payment history.
03

Public Records

Your credit report will highlight financial data that are public records. This could include bankruptcies, tax liens, and civil judgments.
04

Credit Inquiries

This section lists everyone who has accessed your credit report within the past two years. This can include 'hard inquiries' which happen when you apply for credit or a loan and 'soft inquiries' which occur when a person or company checks your credit as part of a background check.
05

Disputes and Fraud Alerts

If there is any evidence of fraud that's affecting your credit, it will be listed here. Similarly, if you're contesting something in your report, the dispute will appear in this section until it's resolved.

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