Your credit report is a snapshot of your financial life. It reflects whether or not you pay your bills on time, the total amount of credit extended to you and how much you owe on all your accounts.
Credit scores range from 300 to 850. A score above 700 usually suggests good credit management.
What is on my credit report?
- Your name, Social Security number, date of birth, current and previous addresses and employers
- Credit account information, such as date opened, credit limit, balance, monthly payment and payment history
- Bankruptcy, unpaid taxes and, in some states, overdue child support
Who could look at my credit report?
- Potential creditors
- Current or potential employers
- Government licensing agencies
- Insurance companies
What are the consequences of credit mistakes?
Negative information found on your credit report can have a serious impact on your ability to:
- Borrow money
- Get a job
- Advance in your current job
- Rent or buy a home
How long does information stay on my credit report?
- Positive information remains on your credit report indefinitely.
- Credit inquiries are included for six months to two years.
- Most negative information stays on your report for seven years.
- Some bankruptcies and foreclosures may remain for as long as 10 years.