Credit History 3 Years

Credit Report Scores - Who Determines Them?

There are three major credit reporting agencies: , , and .

Each of these credit reporting agencies receives information from credit grantors such as credit card companies, stores granting credit, mortgage companies, and banks. They compile your credit history and compute your credit report scores.

They provide your history and credit report scores to others who have a genuine interest in your credit worthiness.

Merged "3-in-1" Credit Reports

These three credit reporting agencies work with each other and with other companies to provide various types of 3-in-1 reports.

These merged reports show items from each of the three bureaus. Each company provides a little different version of a merged report. Some provide a one-time merged report while other companies provide a view of your report as it changes over time.

The best thing to do is to look at several sites and their offers and determine the best "deal" that satisfies your needs.

Credit Report History

Your credit report is a history of your credit transactions. This includes on time payments, late payments, credit cards, mortgages, and lots more.

Late payments can remain on your report for up to 7 years. A bankruptcy can be seen for 10 years. Current, outstanding, unpaid debts can remain on your report while they are unpaid and for 7 years beyond that.

How Long Can Negative Information Be Reported?

Your credit report contains a history of your credit activity. Negative items on your credit report will hurt your credit rating for a number of years.

Accurate negative information generally can be reported for seven years, but there are exceptions:

• Bankruptcy information can be reported for 10 years;
• Information reported because of an application for a job with a salary of more than $75,000 has no time limitation;
• Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limitation;
• Information concerning a lawsuit or a judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; and
• Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions.

Credit Report Scores - How to See Them

Each of the three credit reporting agencies can provide you with a one-time copy of your credit report. Equifax, Experian, for example, will provide your report online for a fee of $9. Trans Union charges from $7.50 to $9 for your credit report.

All three credit reporting agencies will also provide a one-time copy of a "3-in-1" credit report. This contains your credit reports and your credit report scores from all three reporting agencies. Trans Union charges $34.95 while Equifax and Experian each charge $39.95.

Credit Report Scores - Improving Then

A good score helps you get the best loans. The loan officer will be glad to see you because you will:

• Qualify for a larger loan
• Get a loan faster
• Get the best interest rates.