A consumer credit report is a limited record of your personal information as it relates to your consumer credit activities. It is primarily used by lenders and creditors to determine your Increase Credit Limit credit reputation or credit worthiness when deciding to extend you credit or grant you a loan. Although numerous smaller credit reporting agencies (CRAs) exist, there are only three major credit reporting agencies (CRAs) that are widely accepted; TransUnion, Equifax, and Experian. The consumer credit report is separated into a few major categories with the most common being Credit History, Public Records, Collection Accounts, Inquiries, and Personal Information.
The Credit History section displays some of the most common information that you would expect to see on a consumer credit report such as real estate mortgages, credit cards, lines of credit, personal loans, and auto loans. While displaying some of the most common information that you might expect to see such as the account name and account number of each account, this section of the consumer credit report also displays the status of each account and whether it is current or past due in payment. This section of the consumer credit report goes into further detail by displaying the balance, minimum payment due, and payment history of each account.
The Collection Account section of the consumer credit report displays information on accounts that have been charged off by the creditor and sent to collection agencies. The collection name and collection number should be exhibited along with the original creditor’s information. It should also exhibit the date in which the account was charged-off and sent to collection along with the dollar figure the collection agency is seeking to recover.
The Public Records section of the consumer credit report is reserved for county and state court records & displays such items as foreclosures, bankruptcies, judgments, and tax liens. While numerous consumers do not have items that fall into this category, it is not uncommon for this section to be missing from the consumer credit report. Foreclosures, judgments, bankruptcies, and tax liens/civil liens are considered to be some of the most derogatory items that can be found on a consumer credit report. They have a very serious negative impact on the consumers credit score and a tremendous influence on a creditors or lenders decision to issue credit or grant a loan.