Equifax Credit Report - Your credit history

HAVE YOU MISSED A CREDIT CARD PAYMENT IN 30 DAYS?

YES? Expect a drop of 25-40 points off your Equifax credit score.

Well, how about a late mortage payment?

For a late mortgage payment you can expect approximately 80-100 points off your Equifax credit score.

Filed for bankruptcy? Expect a drop of 160 - 220 points deducted from your equifax credit score.

The point is Equifax compiles a staggering amount of credit detail on all authorized credit users nationwide. Every nuance of every account is tracked by Equifax which is reflected in a credit score used by lenders looking to award loans to you.

What Information is on My Equifax Credit Report?

Personal information - Compiled from credit applications you've filled out, this information normally includes your name, current and recent addresses, Social Security Number, date of birth, and current and previous employers.

Credit history - The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorized user (such as a spouse's credit card). Account details, which are supplied by creditors with which you have an account, include the date the account was opened, the credit limit or amount of the loan, the payment terms, the balance, and a history that shows whether or not you've paid the account on time. Closed or inactive accounts,depending on the manner in which they were paid, stay on your report for 7 to 11 years from the date of their last activity.

Inquiries - Credit reporting agencies record an inquiry whenever your credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years.

Public records - Matters of public record obtained from government sources such as courts of law -- including liens, bankruptcies,and overdue child support -- may appear on your credit report. Most public record information stays on your credit report for 7 years.

Where Do I Start? Should I Get a Credit Report?

Probably the best way to get an overall picture of what lenders see is to inquire about a 3-in-1 Free credit report.