Your
credit report
contains a wealth of sensitive information about you, including your name (and any names you've used in the past), Social Security number, date of birth, current and past addresses, employment information, credit status, and other aspects of your financial history. It also includes information about you in the public record, including tax liens, any judgments against you, and bankruptcies. While most of the information about your past use of credit is dropped after 7 to 10 years, some information may stay on your record indefinitely, including:
Credit transactions
of $150,000 or more
Applications for credit or life insurance
of more than $150,000
Salary information if you earn, or
have earned, more than $75,000
Unpaid tax liens
Because your
credit report contains so much confidential information,
it's important to know how it's used. Your credit report
can be requested by anyone with a legitimate business need,
including:
Potential creditors
Landlords
Current and potential employers
Government and licensing agencies
What a credit report doesn't tell them
While your credit report says a lot about you and your lifestyle, there are some things, by law, it can't say, including:
Your age, race, and political affiliation Medical information (except with your consent) Chapter 13 bankruptcy or debts that are more than 7 years old Chapter 7 bankruptcy filed more than 10 years ago
More about Money
If you want to learn more about managing your money wisely for the future, visit www.tomorrowsmoney.org. This financial education Web site for new savers and investors was created by the Bond Market Foundation.
Your
