When you apply for a credit card, loan or mortgage, the lender usually requests access to your credit report to determine your creditworthiness.
These reports are generated by the Nationwide Credit Reporting Agencies — Experian, Equifax and TransUnion (a.k.a. the "Big 3")— and include details about current and past credit accounts.
Each agency gathers slightly different information, but they all typically include personal details (name, Social Security number, current and previous addresses) and payment history and account balances on revolving and installment credit accounts.
Not only do these reports help lenders decide whether you're likely to repay a loan on time, but they can also help you spot mistakes and identity theft.
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What's on your credit report
Credit reports include a variety of information about you, your borrowing history and your payment habits.
Personal information
- Your full name
- Birth date
- Current and previous addresses
- Phone numbers
- Social Security number
- Current and past employers
Accounts
- revolving (credit cards) and installment accounts (loans) from the past 7-10 years
- Name of the creditor/lender
- Opening and closing dates
- Whether it's current or past due
- Credit limit or loan amount
- Current and highest balances
- Payment history
- Debt settlement and debt management plans
Inquiries
- Companies that have pulled your credit report
- When your report was accessed
Public records
- Bankruptcies
- Liens
- Foreclosures
- Civil suits and judgments
- Disputes of items on your report
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What's not on your credit report
Credit reporting agencies are not allowed to gather data about your income, bank account balances, marital status, education, race, religion, sexual orientation or gender identity, medical history, political affiliations, criminal record or any other information deemed unrelated to credit.
How your credit report affects your credit score
The information on your credit report is used to calculate your three-digit FICO Score. The number may vary somewhat depending on which report is accessed and which credit scoring model is used,
Items in your reports are given a ranked value:
- Payment history (35%): The most crucial factor, it includes on-time and late payments, bankruptcies and debts sent to collections.
- Credit utilization rate (30%): Your total debt load compared to the available credit on all your accounts. A utilization rate under 30% is ideal, although consumers with excellent credit tend to use 10% or less.
- Average age of credit account (15%): Your oldest, newest and average-age accounts are calculated. A longer history increases your score, so closing an older account or opening a new one can throw off your average.
- Credit mix (10%): Having different credit types, like credit cards, installment loans and mortgages, will raise your score.
- Credit inquiries (10%): How many recent inquiries and newly opened accounts are there in your report? Multiple new accounts in a short time can suggest a higher-risk applicant.
How to check your credit report
You can get free weekly credit reports from each of the main credit bureaus at annualcreditreport.com.
Many credit card companies also provide credit information, although they may not present your full financial history. You can review your Experian credit report and FICO 8 Score with Experian Boost® and your TransUnion report with CreditWise from Capital One.
Identity theft protection services cost money, but most come with on-demand credit reports and credit scores, along with fraud alerts, dark web scans, password managers and tools for restoring your identity if it's compromised.
How to dispute a credit reporting error
If you notice incorrect, negative items on any credit report, call or email right away. If you're mailing, use certified mail, include copies of supporting documents and request a return receipt. (The FTC has a sample letter you can use.)
Experian
Online: experian.com/help/dispute-credit/
By phone: 888-397-3742
By mail: Download the dispute form and mail it to
Experian
P.O. Box 4500
Allen, TX 75013
TransUnion
Online: dispute.transunion.com
By phone: 800-916-8800
By mail: Download the TransUnion dispute form and mail it to
TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19022-2000
Equifax
Online: equifax.com/personal/credit-report-services/credit-dispute/
By phone: 888-378-4329
By mail: Download the Equifax dispute form and send it to
Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA 30374-0256
Because your credit reports are the backbone of your credit score, these kinds of mistakes can jeopardize your ability to get a credit card, auto loan, mortgage, home insurance, an apartment or even a job.
According to the Consumer Finance Protection Bureau, common credit report mistakes include:
- Accounts or loans listed as unpaid that have been successfully settled
- Individual loans listed multiple times
- Debts that are incorrectly reported in collections
- Fraudulent accounts listed as a result of identity theft
- Incorrect current balance or credit limit
- Misspelled names, wrong or old addresses or incorrect birth dates
- Information from someone with a similar name or Social Security number
- Closed accounts reported as open
- Accounts that list you as the owner when you're just an authorized user
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