Abby's Guide to Free Credit Reports
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Abby’s Guide > Free Credit Reports > Guide > Free Credit Reports - What exactly is in your credit report?

What exactly is in your credit report?

What you won't see

Although you will be able to view all the information in your credit report, you will not see any credit "score". That is because lenders analyze your credit profile via computer software, differently, applying various weights to various aspects of your report. However, to give you a general feel for a credit score, they might breakdown this way.

Payment History — 35%
Funds Owed — 30%
Span of Credit History — 15%
Credit Types — 10%
Newly applied for Credit — 10%

  • Your payment history might include these variables:
  • How many accounts were paid off on time
  • How many accounts were not paid off on time and how long it took to settle.
  • How long has it been since a past due payment
  • Your funds owed might include these variables
  • How much you owe currently and what types of accounts you owe
  • Have you maxed out any credit accounts
  • Have you paid installment loans regularly
  • How many zero balance accounts do you have

Span of Credit History

  • The length of time the credit report covers
  • How long since accounts have been opened
  • How has it been since your last credit payment

It makes sense that the longer you have a good credit history, the better your total credit score.

Credit Types

  • The total number of your accounts and different types of accounts
  • A mixture of accounts is better for your score than a number of credit card accounts

Newly Applied for Credit

  • How many accounts have you recently opened and what percentage are they of the total amount of accounts you have
  • How many recent requests for the credit report have been made and how close together
  • Have you sufficiently reestablished a good credit history since any problems

If you do see it

If you are able to see your credit score from one of the CRAs, what is a good number? If you see a number over 700, you will most likely get better rates with better financing options. In 2003, 60% of the U.S. credit scores were over 700.

When you see it

So you got a free (or paid) credit report and see some really questionable information. There are accounts that may have your name but are not you, or a relative's bad financial behavior is showing up on your report. What do you do?

According to the FCRA you do have the right to correct any of this erroneous information and the CRA must include this in the report. It is not necessary to use one of those companies that promise to repair your credit history. If they are indeed legitimate, you can do anything they can do.

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