What a credit report contains and which are the main credit reporting agencies

What information is on a credit report?

Credit reports contain five categories of data on a person.

1. Personal information such as name (including maiden name and former names), address (current and past), employer (current and past), Social Security number, driver’s license number, and birth date.

2. Court system records. These are public records regarding liens, judgments, and garnishments that have been granted by a court. Also your history of bankruptcies and foreclosures, which have been taken into the court system.

3. History of current and past credit accounts. For each account the data will include the type of account, the date you opened the account, your payment history including late payments, the credit limits for this account, and the current balance due. Other financial information such as unpaid child support, student loans, and overdrafts will be included.

4. A list of every time a creditor has made an inquiry into your account, which is done every time you apply for a new credit account or get an increase on the credit limits of a current account. This can show that a person is trying to obtain a significant amount of new credit, which is considered negatively by most lenders.

5. Your credit score. The number between 340 and 850 that lets a lender determine if you are a good financial risk.

Who maintains credit reports?

There are three major credit reporting agencies: Equifax, Experian, and TransUnion.

Equifax. Equifax Inc. (NYSE: EFX) provides credit information and financial products for both businesses and consumers. It is headquartered in Atlanta, reported annual revenue of over $1.2 billion in 2003, and employs over 4,500 employees in 12 countries in North America, Latin America and Europe.
Experian. Experian also provides credit information and financial products for businesses and consumers. Experian is headquartered in Nottingham, UK, and Costa Mesa, California. It employs 12,000 people in 26 countries, with annual sales that exceed $2.5 billion.
TransUnion. TransUnion provides credit information and financial products for businesses and consumers. TransUnion was founded in 1968. It is based in Chicago and employs 4,100 associates.

How does my financial information get to the credit reporting agencies?

Your creditors, your bank, and debt collection agencies routinely send your financial information regarding the activity in your accounts to the credit reporting agencies. In addition, certain court proceedings that involve your financial health produce public records which are sent to the credit reporting agencies by your creditors.

Also, information regarding certain state and federal financial obligations such as child support, student loans, and IRS liens are provided to credit reporting agencies.

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