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Four componentsis are in Credit Report. In general, your Credit Report has four components:
1. Identifying information, such as your name, Social Security number, current and previous addresses, telephone number, birth date, and employer. This information helps ensure that your Credit Report is accurate and doesn't mistakenly include details about another person (perhaps someone with the same name).
2. Public record information, generally gathered from local courthouses, including bankruptcy records, foreclosures, tax liens, court-ordered payments, and late child-support payments. This information is used to determine if you have previous defaults or legal judgments against you. For example, a mortgage lender will want to know if you've had a past foreclosure before granting a home loan. Derogatory information can generally remain on your Credit Report for up to seven years, except for bankruptcy information, which may be reported for 10 years.
3. Other credit history information, such as a list of your credit cards and loans, and whether payments were on time. Here, too, negative information about your credit relationships, such as late payments or defaults, will remain on your report for up to seven years, and bankruptcy information may appear on your report for 10 years.
4. "Inquiries," a section of your report that lists the creditors, insurance companies or other parties that have requested your Credit Report, usually when considering an application you submitted. Inquiries typically can remain on your Credit Report for two years.
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