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Credit Data

On Behalf of | Jun 16, 2014 | Consumer Protection

If you have a basis understanding of credit
, you know that the credit bureaus collect information
on us as consumers and store it.  When you are prepared to buy
something, seek employment or even rent an apartment, the seller,
employer or landlord can retrieve your information and make a
decision as to whether or not to extend you credit, hire you for
the job or lease you an apartment.  Considering this
information practically determines your ability to do anything, you
should be aware of what your credit data is and where is it coming

Credit reporting agencies are just like huge information
warehouses. They gather and store information that may be relevant
to potential lenders.  When you apply for credit, the lender
reaches out to the credit bureaus, Equifax, Experian and TransUnion, to request your information in
order to make an educated decision on whether or not to approve you
and at what interest rate.  There are four different types of
information the bureaus have that appear on your credit
report.  Each report is specific to each consumer and all
three credit bureaus may not have the exact same information on
every consumer.

The first type of information credit reporting agencies store is
personal information.  This information includes your name,
address, social security number, date of birth and place of
employment.  Other personal information includes previous
names (maiden name or a.k.a.), previous addresses and your
employment history.  This information helps the credit bureaus
identify you and differentiate you from other consumers.

The second type of information stored is public records.
Public record information is collected from the court system and
only includes information related your finances.  Examples of
public records include bankruptcies, court judgments, tax liens,
foreclosures, past due child support and wage

The third type of information collected and store is your trade
lines or accounts.  Trade lines make up the majority of your
information.  Each trade line includes crucial information of
your account including the name of the creditor, the type of loan,
the date the account was opened, the balance of the loan, the
maximum balance, the date of last activity, the status of the loan,
the minimum payment due and the amount of your last

The final part of your report is the inquiry section.
Inquiries are a list of the companies that request a copy of your
report.  This information is gathered and stored at the end of
your report so you and other lenders can see who is looking.
In other words, every time someone asks for a copy of your report,
other than you, the credit reporting agencies make a record of

If you are looking for additional information on
your credit report and would like to speak with an attorney
contact SmithMarco P.C. for a completely free case review.