Is Everything about me on my Credit History Report?

With the explosion of the internet and the speed of today's computers, most people think their credit report has every bit of information about them.  Just by googling one's name, one can find a boatload of information.  how-do-i-repair-my-credit-seattle-bellevue-wa

Well contrary to most people's opinion, a lot is NOT on your credit report.  The main reason for this?  It depends on the report.  For instance a number of the "free" credit reports do not have a lot of information for "free."  You have to pay for some additional information.

Credit report companies, not agencies, like Free Credit Report and Annual Credit Report do not give you a credit score.  That's extra.  And the recently advertised Credit Karma, will give you a credit score - the problem is of course not the same type of score your lender would use for a home loan or car loan.

 

Understand Your Credit History Report Offices Serving Seattle & Bellevue 

Some people think that a report includes categories such as race classification, medical history (since many medical collections are included) and income.  These 3 categories are absolutely not allowed.  Reporting of medical history is prohibited by HIPAA, the Health Insurance Portability and Accountability Act.  It prohibits and regulates the sharing of medical information.

Most people are aware that Inquiries will show up on their credit report. Well that is true.  However there is a distinction between hard inquiries and soft inquiries.  Hard inquiries are when you apply for credit.  Soft inquiries are when a lender or future employer requests to look at your credit report.  These types of inquiries do not affect your score and will not show up if you apply for credit.

 

Credit History Reporting Myths

Viewing a credit history report often will lower your score.  This is another interesting category.  According to Trans Union - this does not affect your score.  It will only affect your score if you apply for something and the lender runs the credit report because of your potential purchase.

Lastly, a great number of people think that the credit reporting agencies are so sophisticated today that they can distinguish bill responsibility between you and your soon to be spouse.  In case of a divorce, especially if you live in a community property state, loans that you accumulate while married may automatically be joined together and show up on both reports.

Additionally, the jointly held debt that you acquired as a couple will remain on both reports.  Even with a recorded divorce decree, you'll both still be listed on the credit report for that debt, unless your creditor agrees to take one of you off the account

In the end, the best way to get a correct analysis of your credit history report and correct evaluation of your credit history is to find a respected and recommended credit evaluation service. 

Credit Insider Club provides a yearly evaluation program and at a very affordable price. 

Give us a call to learn more.