What Information Is in a Credit Report?
A credit report contains your personal identifying information, a list of all open and closed credit accounts with their balances and payment status, a record of hard and soft inquiries, and any public records such as bankruptcies or judgments. Each account shows the lender, account type, credit limit, balance, and whether payments were made on time.
How Do You Get a Free Copy of Your Credit Report?
You are entitled to one free credit report per year from each of the three major bureaus through AnnualCreditReport.com, the only federally authorized source. During recent years, free weekly reports have been available. Many banks and credit card issuers also provide free ongoing credit report access as a feature of their accounts.
What Should You Do If You Find an Error on Your Credit Report?
If you spot an error — such as an account that is not yours, an incorrect balance, or a late payment you did not miss — file a dispute directly with the bureau reporting the error. The bureau must investigate within 30 days. It may also be worth notifying the lender that furnished the incorrect data. Correcting errors can meaningfully improve your credit score.
Frequently asked questions
Do all three credit bureaus have the same information?
Not always. Lenders choose which bureaus to report to, so some accounts may appear on one report but not another. This is why it is important to check all three reports periodically to get a complete picture of your credit profile.
How long does negative information stay on a credit report?
Most negative information, such as late payments and collections, remains on your report for seven years. Chapter 7 bankruptcy stays for ten years. Positive account history can remain much longer, sometimes indefinitely, helping your score over time.