First, there are three basic categories of information included in a credit report.
Basic Personal Information: This is pretty self-explanatory. Included in your credit report are your full name, date of birth, current address, social security number, and employment information.
Collection and Accounts: This is the information most people think of when discussing a credit report. This is usually separated into two buckets of information: All open lines of credit and all accounts that may be delinquent or in collections.
Public Financial Records: This can include bankruptcy filings, tax liens, or any judgments that affect your credit status.
All three categories of information are collected and applied to credit reports by different methods.
- Basic personal information is originally reported by the individual borrower when opening his/her first line of credit. This is updated throughout the borrower’s lifetime as new lines of credit are opened.
- Collections and account information is updated most frequently and proactively – usually monthly – by collections agencies and lenders directly to the credit bureaus.
- Finally, public records are the only pieces of information that are proactively collected by the credit reporting agencies solely for the purpose of reporting.
Now that you know, great! What next? We can help!
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