What is a credit report?

A credit report is a detailed record of your complete credit history; it details every single relevant credit inquiry and statement for your entire life time. Your credit report is maintained by companies known as credit reporting agencies or credit bureaus. The three most famous credit bureaus are Experian, Trans Union and Equifax. Creditors and other money or product lenders use your credit report and your credit score to determine your risk as a borrower – if you have a poor credit score or a poor credit history, the lender will not allow you to borrow money from their establishment because they deem you as too high risk. You are allowed one free credit report from each of the reporting agencies once per year by Federal law.
A credit report may include a plethora of information such as your complete name, current and all previous addresses dating back to your first credit transaction, and current and previous employers. It is also common for a credit report to include detailed data about your credit accounts including credit cards and loans. Your creditors will report to these credit bureaus on a monthly basis, updating the data shown on your credit report. It’s important you never miss payments for this reason.

Each credit report includes all of the credit accounts of your person, detailed with the complete account payment history, credit card or other loan balance, the maximum credit limit, type of account, date the account was opened, and whether the account has ever had a late payment. Accounts that have been sent to a collection agency are always included on your credit report. Public records such as bankruptcies, tax liens, foreclosure, and lawsuit judgments appear on your credit report as well. Your credit report also includes all inquiries that are placed when you make an application for credit, whether this is for a loan, a credit card or other credit application.

Some identifying information not found on a credit report includes criteria such as your race, marital status, religious beliefs, political affiliation, savings or checking account information and criminal records. Late payments that are more than seven years old and bankruptcies older than 10 years are also removed from your credit report. Your credit score, while based on information in your credit report, isn’t included on your credit report. It must be purchased separately. The fee for your credit score is typically $10.00 or less.

Bradley Songer

Bradley Songer

“His eyes are open”, the doctor declared astounded. I was born into this world on Memorial Day, May 30th, 1991, with bright, blue and curious eyes wide open. The attending physician stated that having one’s eyes open at such a young point in time for a newborn was a rare occurrence. Days became weeks that turned into years. Almost instantaneously, I seemed to be entering elementary school. At an early age I found reading, writing and arithmetic to be thoroughly interesting subjects. Reading and writing became second nature to me and became my top two hobbies. I excelled in academics all through elementary, intermediate and high school, eventually deciding to attend the prestigious University of North Carolina at Chapel Hill in 2009.

I am currently a sophomore at the University of North Carolina at Chapel Hill seeking two degrees both in Business Administration and Economics. I am a member of the Carolina Covenant Scholarship program. I am interested in business, ecommerce, economics and investments. I have always enjoyed playing sports: basketball and soccer being my favorites. I am a diehard Carolina fan and hope to see a NCAA championship by the time I complete my undergraduate degree. Go Tarheels!
Bradley Songer

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