Learn what information is in your credit report, and how mistakes can be made.

Why It Matters: You should know what information is available to businesses that request your credit history. This is vital, personal information and even though not all of it affects your credit score, you should ensure that everything in it is correct.

What You Need to Know: The following categories encompass all of the information in your credit report:

• Identifying information. This includes your name, address, social security number, birth date and employment information.
• Trade lines. These are your credit accounts. Lenders report each account you open, the date it was opened, the type of account it is (bankcard, credit card, mortgage, etc.), the loan amount or credit limit, the balance on the account and all of your payment history.
• Inquiries. Whenever you apply for new credit, it appears on your report as an inquiry. This type of inquiry affects your credit score, so it is best to limit how often you apply for credit. Other inquiries include credit checks requested by you, a business wanting to offer you goods, and potential employers. These types of inquires also appear on your report but do not count toward your score.
• Public record and collection items. Any time you have an overdue debt, delinquent account, bankruptcy, lien, wage attachment or judgment it appears on your credit report and can negatively affect your score.

Here are some ways mistakes can be made in your credit report:

• Different names were used to apply for credit. If you apply for credit using different names (William Smith, Bill Smith, etc.), it can cause errors on your report.
• An error was made in entering a borrower's information from an application.
• An inaccurate Social Security Number was given, or was entered incorrectly.
• Payments were accidentally applied to the wrong account.

Steps to Take:

1. Request a copy of your credit report and verify your information
2. Immediately report any errors made on your report

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