Learning About Your Credit History Report History

One of the most important parts of a consumer's life is their credit. The information contained in your credit report is used for many different things, from determining whether or not you can buy a home or car to getting a job. Your history contains all of the information that companies use to make their decisions.There are three agencies in the US that are responsible for maintaining consumer histories. Each agency will have some of the same information, but there will be a lot of information that will be different. Not every business reports to all three agencies, so it is a good idea to get a copy from each one. There may also be some accounts that you know you have had that are not listed at all.Accounts that you have applied for with creditors or lenders will be listed as trade line accounts and divided into one of three smaller groups. An account is listed as revolving when it continues month after month until it is closed, such as charge cards. A mortgage account is one that uses some type of real estate as the basis for securing a loan. The installment accounts are those that continue for a specific period of time with a set payment amount during the life of the account, such as an auto loan.Another category is called Inquiries where request for your history are recorded. A hard inquiry is one that occurs when a business checks your history to determine if you are eligible to open an account with them. A soft inquiry occurs when a company that you already have an account with does a periodic check on your history.Within the section where accounts are listed, they are grouped into positive and negative sections. The positive accounts are the ones that you have paid on time, never went over your limit, and either the account remains open in good standing or has been closed in good standing. The negative accounts are the ones that have late payments, have gone over the limit, or have not been in good standing.Mistakes in histories are quite common. A large portion of the reports that are obtained each year contain mistakes. The most common problems occur in accounts that have been sent to collections for non-payment or accounts that have been paid in full and closed out. When there is a mistake found, it is important to contact all three of the agencies in writing and file an account dispute.There is a process to disputing items that you find in your history. You will need to provide all of the information that is given about the company and the account, including the company's address, account number, and limit amount. The agencies contact the company and the company has 30 days to respond. Once they have determined your claim is correct, the reporting agency removes the account from your history.According to a specific law, your credit report cannot be accessed without your permission. By applying for loans and other such things, you are granting those companies permission to access your information. There are times when collection agencies will illegally pull your history and use any information in it as a means of harassing and threatening you in order to collect their money.