Credit Report 101: Taking a Look Inside Your Credit History

Credit reports are an essential part of our financial system. The report includes a detailed account of your credit history which lenders, businesses, and credit card companies then use to decide whether to offer you credit -- and at what terms. For example, when you take out a loan or apply for a credit card, lenders may use information on your credit report to help determine your “creditworthiness.”

Your credit reports from each of the main credit bureaus may not be identical, as some lenders and creditors may not report to all three. Some may report to only two, one or none at all. So, let’s break down what to expect when looking at your Equifax credit report:

Your identifying information: This includes personal information, such as your name, address, Social Security number, and date of birth.

Your current and past credit accounts: The report will list your current and past credit accounts as reported by lenders and creditors. They are listed by type of account (for example, credit card, mortgage, student loan, or auto loan), the date the account was opened, credit limit or loan amount, account balance, and your payment history.

Your inquiry information: Inquiries are recorded when a company requests information from your credit report. There are two types of inquiries: soft and hard. 

Soft inquiries occur when you check your own credit reports, when companies are extending you pre-approved offers of credit or insurance, or when your current lenders and creditors conduct periodic reviews of your accounts. These types of inquiries won’t impact your credit score.

Hard inquiries occur when a potential lender reviews your credit history because you have applied for credit -- for example, when you apply for a loan, mortgage, or credit card. These hard inquiries may remain on your Equifax credit report for 24 months and have an impact on your credit score.

Your bankruptcies and collection information: The report also lists any bankruptcies and past-due accounts that have been turned over to a collection agency, including accounts with doctors, hospitals, and cable companies.

What about credit scores? While credit scores are generally not a part of your credit reports, they are calculated using the information found in your reports. So, it’s important to check your credit reports regularly to help you understand what information potential lenders and creditors see when you apply for credit and to ensure all of your information is complete and accurate. 

Want to obtain a free copy of your credit report? Credit reports from each of the three nationwide credit bureaus can be accessed by visiting annualcreditreport.com