Many people that are new to credit, and even those with some experience, are often confused about what information actually ends up on their credit report. Not being sure about what is on a credit history report often leads to concerns that all sorts of information is being track about a person's personal life and dealings.
To make matters worse, for a very long time, the credit bureaus made it very difficult for the typical consumer to understand what is being tracked, but with the current batch of consumer credit legislation, it is much easier for the typical consumer to get and to understand their credit history. Even still, there is still a lot of confusion about what is on an individual's report.
To help dispel some of the misinformation, we are going to rule out a big chunk of information that is NOT stored on your credit report. So lets start; here is the list of things not on your report that cause the biggest confusion:
- Your Gender – Beyond the obvious assumptions that people can make based on your name, your report does not specifically include your gender.
- Your Race or Ethnicity – Credit histories do not contain information about your racial or ethnic origins. Studies indicate that credit reports do a very good job minimizing racial biases for consumer lending and credit purposes.
- Your Country or National Origin – Similar to your racial information, the bureaus cannot track information about your national or country origins.
- Your Political Affiliations – Once again, this is yet another area that is not covered.
- Your Checking / Saving Account Information – Your checking and saving information falls outside the scope of what you will find on your report.
- Business Accounts – Unless you are personally liable for business debts, your business related financial dealings will not show up.
- Personal Information – Your report does not contain any information about your lifestyle choices or associations.
- Bankruptcies – Bankruptcies over 10 years old should not be included in your current report information.
- Charge-off or Collection Debts – Charge-off or collections older than 7 years old are not supposed to be included in your report.
- Your Credit Score – Many people wrongly assume that their report automatically includes a credit score. In many cases, it best to use a service like myFico.com to get your credit score.
Now that we have cleared that away, I hope that you can put some of your concerns to bed and focus more of your attention on enjoying your life and on information that is actually on your credit report. A credit reports is not a place to store dirty laundry about your life outside of your financial dealings.