What Information is in a No Cost Credit Report?
A no cost credit report is usually defined as a document that summarizes your financial reliability. It is mainly used by lenders, insurance companies, landlords and employers to understand your previous history and to lower the risk of lending money or conducting business with you.
Credit Reports are very useful tools for any entity interested in lending you money, but can be a positive tool for consumers that are financially responsible. Financially responsible consumers can show lenders and others that they can be trusted and can use their credit report to acquire an important mortgage or car loan.
Since a credit report is an extremely important tool when lenders are interested in loaning money, it is important to look at what information can be on a typical credit report. Credit reports usually include 4 specific types of information. They are:
Identifying Information
Identifying information includes your full name, any aliases you have, your Social Security number, birth date, phone number, current address, previous address and current employer. This information is used to make sure the credit report is accurate and not the credit report of a person with the same name.
Public Records
Public records are usually information that is available to the public and can include and bankruptcies, liens, foreclosures, judgments, child support payments, etc. This information is extremely important to any lender that is interested in giving you a loan. It is important to note that negative information can be on your credit report for up to 7 years. Bankruptcy’s can be on your credit report for up to 10 years.
Other Credit History
Other credit history usually consists of any credit cards that you have, a car loan, your current mortgage, etc. It will also include payment information; such as if you are late with payments in the past and how late were you with your payments. Negative information in this section can last up to 7 years and bankruptcies can show up in this section as well, lasting up to 10 years.
Inquiries
Inquiries show the history of companies that have requested a credit report from you in the past. For instance, if you applied for a credit card, the credit card company will usually be listed as requesting your credit report. Inquiry information can stay on your credit report for up to two years.
It is important to note what is not on your credit report. Information that is not on your credit report includes: race, nationality, sex, religion, medical history, bank account information, brokerage account information and driving records.
