Your credit report is a record of information collected from your creditors, which summarizes your credit history. When you apply for a line of credit – your bank, credit card company, or mortgage lender uses your credit report to evaluate the potential risk of lending money to you. Employers, landlords, and insurance companies may access this information as well.
In your credit report, the lender will find out what credit card accounts and loans you have, whether they are in good standing, and whether you make payments on them in a timely manner. If there are any actions taken against you because you didn’t pay your bills, or if a company had to write off a debt that was not repaid by you – that will be on your credit report. Delinquent debts will remain on your account for seven years unless the creditor chooses to remove that debt. A Chapter 7 bankruptcy will remain on your credit history for 10 years. A Chapter 13 bankruptcy remains on your credit record for 7 years. In either case, your credit score will plummet, and you will not be able to get any type of credit during that time. Matters of public record, such as a tax lien or foreclosure, may also appear on your credit report.
However, there are certain things that cannot be on your credit report, and is not accessible by any of these inquirers. The following describes the types of information that is not included in your credit report.
· Medical information. Unless you give your consent, this information will not be revealed to potential inquirers.
· Notice of a Chapter 11 Bankruptcy that is more than 10 years old.
· Any debts that are more than seven years old, including delinquent child support payments.
If the inquiry is from an employer, the credit bureaus cannot provide any identifying information regarding age, race, or marital status.