Credit Reporting 101

Common FAQs

Your Credit Report

What information is included in my credit report?
  • Personal information: Compiled from credit applications you completed in the past, this information normally includes your name, current and recent addresses, Social Security Number, date of birth and current and previous employers.
  • Credit history: The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorized user (such as a spouse's credit card).  Account details are supplied by creditors with which you have an account include:
    • The date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid the account on time.
    • Depending on the manner in which they were paid, closed or inactive accounts stay on your report for 7 to 11 years from the date of their last activity.
  • Inquiries: Credit reporting agencies record an inquiry whenever your credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years.
  • Public records: Matters of public record obtained from goverment sources such as courts of law - including liens, bankruptcies, and overdue child support - may appear on your credit report. Most public record information stays on your credit report for 7 years.

What is not included in my credit report?
A credit report does not include information about your checking or savings accounts, bankruptcies that are more than 10 years old, charged-off debts or debts placed for collection that are more than seven years old, gender, ethnicity, religion, political affiliation, medical history, or criminal records. Additionally, your credit score is generated by information on your credit report, but is not part of the file itself.

How long does negative information stay on my credit report?

In general, negative information that is more than 7 years old from date of last activity (10 years for bankruptcies) must be removed from your file. Please refer to the information below to learn more about specific credit report information. Also, please remember that the negative information in your credit report does not come from Equifax; any negative information is reported to Equifax by others that have granted you credit, is included in public record information or reported by collection agencies. Equifax is merely a repository for the information that your credit grantors report, collection agencies report, or is in public records.

Credit Accounts

  • Accounts paid as agreed generally remain on your credit file for up to 10 years from the date of last activity (DLA).
  • Accounts not paid as agreed generally remain on your credit file for 7 years from the date the account first became past due leading to the current not paid status.
  • Late Payment History generally remains on your credit file for 7 years.

Collection Accounts

  • Collection accounts generally remain on your credit file for seven years from the date the account first became past due that led to the account becoming placed with a collection agency.

Public Records

  • Judgments generally remain on your credit file for 7 years from the date filed, whether satisfied (paid) or not.
  • Paid tax liens generally remain on your credit file for 7 years from the date released (paid).
  • Unpaid tax liens generally remain on your credit file indefinitely.

Bankruptcy

  • A bankruptcy under chapter 7 or 11, or a non-discharged or dismissed chapter 13 bankruptcy generally remains on your credit file for 10 years from the date filed.
  • A discharged chapter 13 bankruptcy generally remains on your credit file for 7 years from the date filed.

Inquiries

  • Inquiries are a record of companies and others who obtained a copy of your Equifax credit file. The Fair Credit Reporting Act (FCRA) requires that Equifax disclose to you who requested copies of your credit file. Depending on the reason your credit file was accessed, Equifax generally retains these for one to two years.
  • Some types of inquires you might see on your Equifax Credit Report™ are not reported to others or used in credit score calculations. These include:
    • PRM Inquiry. A promotional inquiry in which your name and address were provided to a person who made you a firm offer of credit or insurance, such as a pre-approved credit card offer. These inquiries generally remain on your credit file for 12 months.
    • AM or AR Inquiry. An Account Monitoring or Account Review inquiry in which one of your creditors performs a periodic review of your credit file in connection with reviewing your account. These inquiries generally remain on your credit file for 12 months.
    • Equifax, ID, ACIS, or UPDATE Inquiry. Internal inquiries that indicate Equifax's activity in response to your contact with us, for either a copy of your credit report or a request for research. These inquiries will generally remain on your file for 24 months.

New York State Residents Only (must be current resident)

  • Satisfied judgments remain on your credit file for 5 years from the date filed.
  • Paid collections remain on your credit file for 5 years from the date of last activity/date paid.
  • All other deletion rules apply as noted above.

California State Residents Only (must be current resident)

  • Paid or released tax liens remain on your credit file for 7 years from the date released or 10 years from the date filed.
  • Unpaid or unreleased tax liens remain on your credit file for 10 years from the file date.

Who can obtain a copy of my Equifax credit report?

Generally, anyone with whom Equifax has established a business relationship and who has what is considered a “permissible purpose” under the Fair Credit Reporting Act (FCRA) can obtain a copy of your Equifax credit report. A permissible purpose includes: employment, insurance, consideration of an application for a loan or an offer of credit, and collection of a debt.The companies, groups, and individuals that may have permissible purpose include:

  • Potential lenders
  • Landlords
  • Insurance companies
  • Employers and potential employers (with your written consent)
  • Companies you allow to monitor your credit file activity, including for potential signs of identity theft
  • Those considering your application for a government license or benefit
  • A state or local child support enforcement agency
  • Collection agencies
  • Anyone who has established a business relationship with Equifax and has your written authorization to obtain your credit report.

Your Equifax credit file can also be provided to a third party pursuant to the requirements of a court order or other legal procedure.


How can I opt out of promotional offerings?

To opt out of promotional offerings, please call 1-888-567-8688 or visit www.optoutprescreen.com.

Before you decide to opt out, remember prescreened offers can provide many benefits, especially if you are in the market for a credit card or insurance. Pre-screened offers may be more favorable than those that are available to the general public. Some credit card or insurance products may only be available through prescreened offers. And because you are pre-selected to receive the offer, you can only be turned down in limited circumstances.


Your Credit Score

How is a credit score determined?
A credit score is based on information contained in your credit file. The FICO® score is calculated using the following credit file items:
  • Payment history: Approximately 35% of the FICO score is based on this category.
  • Amounts owed: Approximately 30% of the FICO score is based on this category.
  • Length of credit history: Approximately 15% of the FICO score is based on this category.
  • New credit: Approximately 10% of the FICO score is based on this category.
  • Type of credit used: Approximately 10% of the FICO score is based on this category.
Please keep in mind that there are many different scoring models that can be used to calculate a credit score, and each scoring model may give more or less weight to the various items of information in your credit file.

What factors impact my credit score?
Doing the following typically has a positive impact on your credit score:
  • Paying your bills on time. Delinquent payments and collections can have a significantly negative impact on your score.
  • If you have missed payments in the past, getting current and staying current on your payments.
  • Paying off debt rather than move it around.
  • Re-establishing your credit worthiness if you have had problems. Opening new accounts responsibly and paying them off on time may help in the long run.
  • Applying for and opening new credit accounts only as needed.
  • Keeping credit cards and managing them responsibly. In general, having credit cards and installment loans (and making timely payments) may help in the long run. Someone with no credit cards, for example, may be seen as a higher risk than someone who has demonstrated a history of managing credit cards responsibly.
  • If you are having trouble making ends meet, contacting your creditors or seeing a legitimate, reputable credit counselor.
  • Keeping balances low on credit cards and other lines of revolving credit.
  • Doing your rate shopping for a loan or credit line within a short period of time. FICO® scores distinguish between a search for a single loan and a search for many new credit lines in part by the length of time over which inquiries occur.

The following factors typically do not have a positive impact (or may even have a negative impact) on your credit score:

  • Opening a number of new credit cards that you do not need, just to increase your available credit. This approach could backfire and actually have a negative impact on your score.
  • Opening a lot of new accounts in a short period of time, especially if you have been managing credit for a short time. New accounts will lower your average account age. If you do not have a lot of other information in your credit file, this could have a larger effect on your score. Also, rapid account build-up can look risky if you are a new credit user.

What is a "good" credit score?
FICO® scores can range from 300 to 850, but the majority of scores usually fall within the 600s and 700s:
  • 20% are above 780
  • 20% are in the range of 745 - 780
  • 20% are in the range of 690 - 745
  • 20% are in the range of 620 - 690
  • 20% are below 619
Since there is no universal score cutoff used by all lenders, it is hard to say what a good score is outside the context of a particular lending decision. For example, one lender may determine that a score of 750 may qualify you for a platinum credit card, whereas a score of 675 may indicate that you are a better match for a standard card.

Why is my Equifax score different from my Experian and TransUnion credit scores?
There are several reasons for variations in your credit score among the different credit reporting agencies and even among different credit grantors:
  • First, your credit score from each credit reporting agency is based on the information in your credit file at the credit reporting agency, and the credit history information each credit reporting agency has about you can differ. This can result in your score at the other credit reporting agencies being different from your Equifax score.
  • Second, there is a slightly different FICO credit scoring model at each of the three nationwide credit reporting agencies due to the differences in credit history information they each have about you. Remember: your FICO score at a given credit reporting agency is only based on the credit data that credit reporting agency has about you.
  • Third, although the FICO® credit scoring model is the score used most often by lenders, each of the credit reporting agencies, including Equifax, has their own scoring models. These other models may evaluate your credit file differently from the FICO® model and, in some cases a higher score may mean more risk, not less risk as with FICO® scores.

Correct Errors

What is a Report Confirmation Number and how do I use it?
Your Report Confirmation Number can be found at the top of your Equifax credit report. It is used to help you initiate a phone dispute of your credit file information. We request it for an online dispute, but it is not required. This number allows Equifax to more easily access your credit file. Please keep this number for your records.

What if my credit report does not have a Report Confirmation Number?
You may initiate a dispute online or by mail without a Report Confirmation Number.  However, if you would like to dispute by phone a Confirmation number is required. Access a free online copy of your Equifax credit report.

Why can't I dispute everything online?
Supporting documentation is needed for some disputes, such as name, address, and updates to your Social Security Number, which can not be provided to us online.

How can I talk to a live person to dispute information in my credit report?
You will need to have a recent copy of your Equifax credit report with the Report Confirmation Number to talk to a live representative. A phone number will be included in your Equifax credit report that will give you access to a live phone agent. Access a free online copy of your Equifax credit report.

How long does it take to get a resolution to my dispute?
It can take up to 30-45 days depending on the nature of your dispute and whether the dispute is of information in a credit report other than your FACT Act free annual disclosure report .  If the dispute is with information in your FACT Act free annual disclosure report this can take up to 45 days. Otherwise, your dispute should be resolved in 30 days. However, your dispute response may be available prior to 30 days depending on the nature of the dispute and the response time from any creditors that are contacted.

How can I check the status of my dispute?
Within a month of your dispute request, either Equifax or CSC Credit Services  (depending on who owns your credit file) should notify you of the results of its dispute reinvestigation and provide you with a credit file reflecting the results of the reinvestigation at no charge.  You should examine it carefully to see if information you disputed has been changed or removed.  If information you disputed has been re-verified it will remain in your credit file, but you can request that it be shown as disputed and you can add a statement of explanation to your credit file.  If you dispute online, you may check the status of your dispute by clicking here and entering your Confirmation Number.

Who is CSC Credit Services?

CSC Credit Services is a separate company, not owned by Equifax, which operates locally in some parts of the country. Similar to Equifax, CSC Credit Services owns credit files and they are reported through the Equifax credit reporting system. If your file is owned by CSC Credit Services you should initiate your dispute activity directly with CSC Credit Services.

For a dispute write to:

CSC Credit Services
PO Box 619054
Dallas, TX 75261-9054

For a fraud dispute write to:

CSC Credit Services
PO Box 619046
Dallas, TX 75261-9046


Credit Protection

What rights do I have to remedy the effects of fraud or identity theft?
You can learn about your rights under the federal Fair Credit Reporting Act (FCRA) and your rights provided by the FTC at by clicking here

How do Identity Thieves do it?
First, they steal your personal information by...
  • Going through your mail or trash, looking for bank and credit card statements, pre-approved credit offers, and tax information.
  • Stealing personal information from your wallet or purse such as identification, credit, or bank cards.
  • Completing change-of-address forms to redirect your mail.
  • Acquiring personal information you share on unsecured sites on the Internet.
  • Buying personal information about you from an inside source -- for example, a store employee that gets your information from a credit application or by "skimming" your credit card information when you make a purchase.
  • Getting your personnel records at work.
  • By being family members, roommates, or close friends that have access to your personal information.
Then they use your personal information by...
  • Opening new credit card accounts using your name, date of birth, and Social Security number. When they use the credit cards and don't pay the bills, the delinquency is reported on your credit report.
  • Establishing phone or cellular service in your name.
  • Opening a bank account in your name and writing bad checks on the account.
  • Counterfeiting checks or debit cards, and draining your bank account.
  • Buying cars by taking out auto loans in your name.
  • Calling your credit card issuer and, pretending to be you, changing the address on the account. Bills get sent to the new address, so you don't realize there's a problem until you check your credit report.
  • Filing for bankruptcy using your name to avoid paying debts they've incurred under your name.

What can you do if you are a Victim of Identity Theft?
The following items are included in your credit file.
  • Keep a record.  Because recovering from identity theft can be a long and complicated process, it's important to keep a record of all of your communications. Send all letters by certified mail and keep copies.  If you think your case might lead to a lawsuit, keep track of how much time you spend dealing with the problem.
  • Call the police. Report the crime to the police or sheriff's department that has jurisdiction in your case and request a police report. Though the authorities are often unable to assist you, a police report may be necessary to help convince creditors that someone else has opened an account in your name.
  • Contact the Federal Trade Commission. Call the FTC's identity theft hotline at 877-438-4338 and file a complaint. The FTC does not resolve individual consumer problems itself, but your complaint may lead to law enforcement action.
  • Check your credit reports. Get your credit reports from all three nationwide credit reporting agencies and check for inquiries that you do not recognize and any new accounts opened in your name. Because new accounts may take up to six months to show up on the report, continue to monitor your credit reports on a regular basis.
  • Contact one of the three Nationwide Credit Reporting Agencies to place a fraud alert. Have one of the agencies put a fraud alert on your file, which will aid in preventing new credit accounts from being opened without your express permission. Equifax and the other two credit reporting agencies, Experian and TransUnion, work together so that when you place an alert with one of these agencies, your request is automatically sent to the other two agencies (see information about fraud alerts).
  • Place a security freeze on your credit files at each of the three Nationwide Credit Reporting Agencies.  You may request a security freeze be placed on your credit files at Equifax, Experian, and TransUnion. You will have to contact each of them individually in order to place a security freeze on their credit file on you (see information about a security freeze).
  • Block or close fraudulent accounts. Contact the appropriate creditors, banks, phone companies, and utility companies and have them close and discontinue reporting the accounts. You'll probably be liable for only $50 of the fraudulent charges, but different issuers have different policies. Most creditors promptly issue replacement cards with new account numbers.
  • Mail fraud.  If you suspect that someone has changed your address with the post office or used the mail to commit identity theft, notify the US Postal Inspector.
  • Fraud using your Social Security number. If your Social Security number has been used to commit identity theft, contact the Federal Trade Commission (FTC), which is charged with handling most identity theft complaints at 1-877-IDTHEFT (1-877-438-4338). To order a copy of your Social Security Administration earnings and benefits statement to check whether someone has used your Social Security number to get a job or to avoid paying taxes visit www.socialsecurity.gov/statement/.
  • Fraud involving your driver's license number.  If your driver's license number has been used to open accounts or verify checks, contact your state's Department of Motor Vehicles.
  • Fraud involving your passport. Notify the U.S. State Department's Passport Services Department of the identity theft so that it can intercept anyone ordering a new passport in your name.
  • Fraud involving a business scam. If the fraud was perpetrated as part of a business scam, contact the National Fraud Information Center at 800-876-7060.
  • Bankruptcy filed using your name.  If someone filed for bankruptcy using your name write to the U.S. Trustee in the region where the bankruptcy was filed. A listing of the U.S. Trustee Program's Regions can be found at www.usdoj.gov/ust, or look in the blue pages of your phone book under US Government: Bankruptcy Administration.  Your letter should describe the situation and provide proof of your identity.

My spouse or parent has died, what happens to their credit file?
You should notify Equifax of your spouse's or parent's passing, so that Equifax can update its records accordingly. Write to:
Equifax Information Services LLC
Office of Consumer Affairs
PO Box 150139
Atlanta, GA 30348
Please include a copy of the death certificate.

Important Contact Information for Victims of Identity Theft?
There are a number of helpful services to help you respond if you have been a victim of identity theft. Below is a list of resources that we have compiled on your behalf.
Federal Trade Commission's Identity Theft Hotline
877/ID-THEFT
Equifax fraud division
800-525-6285
P.O. Box 740250
Atlanta, GA 30374
www.fraudalerts.equifax.com
Experian fraud division
888-397-3742
P.O. Box 1017
Allen, TX 75013
Trans Union fraud division
800-680-7289
P.O. Box 6790
Fullerton, CA 92634

Read More About Identity Theft?
If you want to know more about identity theft and credit fraud, the following Web sites are excellent sources of information and additional contact information.

Your Credit Rights

What are my rights under the federal Fair Credit Reporting Act (FCRA)?
You can learn about your credit rights and responsibilities under the FCRA at this link

Credit Reporting 101