Credit Report

What's on a credit report

A typical US credit report contains several sections:

• Personal information — name, addresses, Social Security number, date of birth, employment.
• Account history — every credit account in your name: credit cards, loans, mortgages. Each shows the credit limit or original balance, current balance, payment history, and account status.
• Public records — bankruptcies, judgments, tax liens (mostly removed from reports under recent reforms), foreclosures.
• Inquiries — every time someone pulled your credit. Hard inquiries (when you apply for credit) affect scores; soft inquiries (when you check your own report, or when companies pre-screen offers) don't.
• Collections — accounts that have been turned over to collections agencies after non-payment.

The three bureaus

Three companies maintain credit reports in the US:

• Equifax
• Experian
• TransUnion

Lenders typically report to all three, but data isn't perfectly synchronized. Each report can differ slightly. When applying for major credit, lenders often pull from one or all three; the credit score you see can vary by bureau.

By federal law (the Fair Credit Reporting Act), every consumer is entitled to a free credit report from each bureau annually. AnnualCreditReport.com is the official site; many third-party services also offer free access with various add-ons.

Why accuracy matters

Errors on credit reports are surprisingly common. CFPB data has shown that a meaningful percentage of consumers find errors when they review their reports. Common errors:

• Accounts that don't belong to you (mistaken identity, identity theft).
• Account status mistakes (showing late when you paid on time).
• Outdated information (accounts that should have aged off).
• Duplicate accounts.

Errors can hurt your credit score and affect everything from loan approvals to job applications (some employers check credit reports). Disputing errors with the bureau triggers an investigation; bureaus must respond within 30 days, and incorrect items must be removed.

How long items stay

Different items age off the report on different timelines:

• Late payments — 7 years.
• Collections — 7 years from original delinquency date.
• Chapter 7 bankruptcy — 10 years.
• Chapter 13 bankruptcy — 7 years.
• Hard inquiries — 2 years (but only meaningfully affect scores for the first ~12 months).
• Closed accounts in good standing — up to 10 years.

The age-off timing matters for credit recovery: an event that severely damaged your score recedes mathematically and gradually, often allowing meaningful score recovery within a few years.

Credit freezes and locks

Two related but different protections:

• Credit freeze — federally regulated, free, locks your credit report so new credit can't be opened in your name. Must be temporarily lifted to apply for new credit.
• Credit lock — bureau-specific, often paid, similar effect but with weaker legal backing than freezes.

Freezes are the standard recommendation for identity-theft protection. They don't affect existing credit accounts or your ability to manage them.

What credit reports don't include

Several things commonly assumed to be on credit reports aren't:

• Income — credit reports show debt and payment history but not income.
• Bank balances — checking and savings aren't reported (with rare exceptions).
• Most utility, phone, rent payments — historically excluded, though some optional reporting programs (Experian Boost) now include them.
• Investments and assets — not on credit reports.

Lenders combine credit reports with separate income verification, bank statements, and employment data to make full underwriting decisions. The credit report is one input, not the whole picture.