Credit Reporting

      Your credit report is the detailed rundown of your borrowing habits. Credit reports are provided by three major credit bureaus: Equifax, Experian, and TransUnion. The information in each is used to calculate your overall credit score. Most lenders don't care about the details of your credit report. They just want your overall score. However, you should care about your report. If you want to raise your overall credit score, you'll need to use all three credit reports to get to the bottom of the problem.

     Credit-reporting agencies keep tabs on various accounts - past and present - opened in your name, including credit cards, bank credit lines, mortgages, department store charge cards, and other bills (though usually not rent payments or utilities).

     Your credit report also includes any collection actions taken against you and any public-record information that may exist, such as liens or bankruptcy proceedings. In general, reported data falls into four categories:

     Personal information - Past home addresses and some employment history, in addition to the obvious stuff like name, address, and Social Security number.

     Credit history - Open credit lines and installment loans, plus a record of all late payments (30 days or more) to anyone - from the phone company to mortgage holder.

     Public records - Bankruptcies and other court judgments, like alimony agreements and tax liens.
     Inquiries - A dated listing of all recent business requests to see your file. Requests by you to see your own credit file are not recorded or counted.

     Whenever you apply for a loan, or even at other times, the lender requests a copy of your credit report from one of the three major credit-reporting agencies. Based on that, your credit score is calculated. Again, your overall score weighs heavily in a lender's decision. Though depending on the type of credit you are requesting, the lender may also look at your income, length of employment, and if your shoes match.