|What does Credit report mean?
A credit report is a detailed report put together by a consumer report agency of a person’s credit history. This is then later used by a lender to determine an applicant’s worthiness for credit.
This report includes the following:
a. Personal data (social security number, current and previous address, employment history)
b. Credit history abstract (all of the individual’s accounts, and their types, regardless of their condition, past due ones and the ones that are in good standing)
c. Thorough account information
d. All of the inquiries of an person’s credit history (types of inquiries and how many were there over a certain time period)
e. All the information on accounts turned over to any credit agency ( details about garnishments, wages, and liens through state, federal or county records)
f. Further details about how to dispute the aforementioned information.
If negative information surfaces on an individual’s credit report, there is almost nothing he or she can do about it, given that the information is true and precise. Normally the piece of information stays on a person’s record for seven years, meanwhile information on bankruptcy files remain in the report for ten years.