What information is found in my Credit Report?
Your credit report has core identifying information about you such as your name, SSN, date of birth, address, employer, and that’s just the beginning. Here’s what you’ll find in your report:

• Your name and any aliases
• Social Security Number
• Date of birth
• Your addresses, current and former
• Your employers, current and former
• All mortgages, installment loans, revolving and other credit accounts. Data for each account includes name and contact info of the creditor/lender, account number, date opened, credit limit, current outstanding balance, monthly payment, past due, account status (open/closed/other), etc.
• Payment histories on those accounts, such as any late payments. Late payments are grouped by number late e.g. 30 days, 60, 90, etc.
• Inquiries
• Any bankruptcies, collection notices, charge offs, tax liens, judgments and other public information

You may obtain your report from each of the three main credit bureaus: Equifax, Experian and TransUnion. See section Your Credit for more information.

How long does negative or derogatory information stay on my Credit Report?
Derogatory information in your credit report will usually be deleted after seven (7) years from your file, except some bankruptcies which remain for ten (10) years, and unpaid tax liens remain for 15 years. An inquiry will only remain in your file between 1 to 2 years. Here’s a list from Experian detailing when negative information is removed from your report.

How can I get my free annual Credit Report?
You can get one report from each of the three main credit bureaus free once per year at annualcreditreport.com. You can also get your CR via mail by sending a request, along with proof of your ID, such as a copy of your driver’s license and a utility bill with your current address. Your credit score is not included in your free report. Be aware that there are many other websites with similar-looking addresses, but most are not free. annualcreditreport.com is the only official website, mandated by the FTC under the Fair Credit Reporting Act, where you can obtain your free credit report from each bureau once every 12 months.

What is my Credit Score?
It’s a 3-digit number calculated on your credit history and is designed to give a quick score or rating of your credit-worthiness. The credit score was originally developed by Fair Issac Corp and was called FICO, ranging from 300-850. A higher score means you’re a low-risk borrower, and therefore safer and more appealing to lenders. FICO is still the most widely used credit score. However the three main credit bureaus - Equifax, Experian and TransUnion - issue their own version of the three-digit credit score, and it may vary from one agency to another, depending on the credit information each one has on file. See section Your Score for more information.

How can I improve my Credit Score?
Significantly improving your score will take time. It may drop fast however if there’s a new late payment, a bankruptcy or any other negative item added to your credit file. See section Your Credit for more information.

How is a FICO score calculated and what categories are the most important?
FICO is a proprietary method of calculating your credit score based on different categories in your credit report, and it was developed by the Fair Isaac Corp. The company does not disclose the exact formula. However, the FICO calculation is based on the following five categories ordered by importance [source - myfico.com]:

1. Payment History - 35%
2. Amounts Owed - 30%
3. Length of Credit History - 15%
4. New Credit - 10%
5. Types of Credit in Use - 10%

What is considered a “good” credit or FICO score?
720 and above is generally considered to be a “good” credit score, and a poor score is usually one below 620. Keep in mind that these are general guidelines, since most lenders have their own “poor”, “good”, or “excellent” score thresholds, which can be higher or lower than the numbers shown here. See section Your Score for more information.

How can I improve my credit or FICO score?
The two most important steps you must always take to help your score are to

• always make your payments on time, and
• keep your overall debt level low.

For detailed tips and techniques to help you improve your credit score, or keep your score from decreasing, read section How to improve your credit score.