Your credit report is one of the most important documents in your financial life. Knowing what is in your credit report and how it got there is essential if you are planning to buy a home, buy a car, apply for a loan or even apply for a job. Credit card reporting can be a complicated subject, but we hope to shed some light on it with this article.

Many different people and businesses can access your credit report. Your credit report is accessed anytime you apply for a bank account, mortgage, or loan. Some employers will even request a copy of your credit report before they decide to hire you. As you can see, the information in your credit report can have a huge impact on your life. Any inaccurate information can hurt you. You may not know that you were turned down for a loan or even a job because of inaccurate information in your credit report. As you can see, credit card reporting can be very important to all aspects of your life.

What information does a consumer credit report contain?

The consumer credit report kept by credit card reporting agencies consists of four types of information.

• The first part of the credit card reporting agency’s report contains identifying information. This information is listed at the top of the report. This information includes your name, last reported address, marital status, Social Security Number, date of birth, spouse’s name, number of dependents, previous address, and employment information.
• The next part of the credit card reporting agency’s report lists the consumer’s credit information, including credit account numbers, the creditor’s name, the amount of the last payment, the credit limit of each account, and the timeliness of the credit payments.
• The third part of the credit card reporting agency’s report contains a listing of public record information. This can include tax liens, court judgements, and bankruptcies.
• The final part of the credit card reporting agency report is an inquiry section. This section lists all those creditors that have reviewed a copy of the credit card reporting agency’s report. It is very important for consumers to review this section when they receive a copy of their report. This is because it serves as an audit trail to ensure that no unauthorized parties have accessed your credit report.

Do credit card reporting agencies record information about a consumer’s personal life.

No. Credit card reporting agencies do not record any information regarding a consumer’s character, lifestyle, religion, national origin, political affiliation, sexual preference, friends or relatives. Credit card reporting agencies also do not track information regarding a consumer’s medical history.

Are there laws regulating credit card reporting agencies?

The Fair Credit Reporting Act is the federal law that regulates the credit card reporting agencies. It states that consumers have the right to know what information is contained in their credit report. It gives consumers the right to review their personal credit report and challenge the accuracy of information to have it reverified, updated or removed. You should take advantage of this law and review your credit report at least once a year. Report any inaccuracies to the credit-reporting agency immediately.