You should already know that you’re supposed to review your credit report at least once a year, but many people haven’t bothered to actually take a look at what is listed on their credit reports. For some people, they just figure that everything on there must be the truth…after all, it’s computerized, right? Other folks are scared to see what’s on their credit report, and still other people figure that even if they got their hands on their credit reports they wouldn’t be able to read it anyhow, so why bother?

Not as intimidating as you might think…

There is nothing mystical about credit reports. The versions that you purchase are really user-friendly and aren’t hard to understand at all. The free version that everyone is entitled to isn’t as cut and dry, and won’t include your actual credit score, but it’s still worth getting and is perfectly comprihensible.

Here is the sort of information that shows up on your credit report:

Your name and address information. If you have ever applied for credit under a different name – such as a maiden name or something else – it will show up on your credit report. There will also be a list of addresses that you have listed as your mailing address when applying for credit.

Your accounts, past and present. When you close an account it doesn’t vanish from your credit report. Your accounts stay listed on your report for years afterwards, and this explains why missing a credit card payment four years ago still haunts you to this day. The specific information listed on each account will include:

• If the account is individual or joint with someone else.
• If the account is an installment loan or a revolving line of credit.
• When the account was open.
• The current balance.
• The total available credit amount.
• The monthly payment amount.
• The payment history of the account.
• If the account is being investigated as erroneous.

Utilities, medical bills, and child support obligations usually don’t show up on your credit report unless they become delinquent. Not every creditor reports to the credit bureaus either, so your report might be missing some of the accounts you pay on.

Any dramatic credit issues. Bankruptcies, judgments, foreclosures, enrollment into a consumer credit counseling service, and other extraordinary credit issues are listed on your credit report. These are the type of blemishes on your report that can get you automatically turned down for credit.

‘Hard’ Inquiries. Every time you apply for credit, the potential lender does an inquiry into your credit history and this is notated on your report. This is why you don’t want to apply for a ton of credit, because it will show up on your credit report and make you look like you’re hungry for credit.

Fraud alerts. If you’re a victim of identity theft, or if you place a fraud alert on your history, this shows up in bold lettering on your credit report.

Anything you want it to say. You’re allowed to place a comment or explanation, in your own words, onto your credit report. This may not do much good since automated lending often doesn’t allow humans to even glance at your credit report, but it can be helpful when a human is involved in the credit decision process.

Other things can show up on your credit report, but it’s just basically an instrument that tells potential lenders about your history of paying (or not paying) your bills. It’s nothing to be scared of, so bite the bullet and get your free credit report today!

Related posts:

1. Investigating Old or Inaccurate Addresses on Your Credit Report and Why You Should
2. Getting Your (Actually) Free Credit Report from SmartCredit.com
3. The Lending Game: Part 2
4. 7 Ways Students Ruin Their Credit
5. A Step-By-Step Guide to Getting Your (Actually) Free Credit Report without Accidentally Signing Up For Extras: Part Three Equifax