Essay Example on Credit Reports What is NOT part of your FICO

Credit Reports What is NOT part of your FICO Credit Score Credit Reports are Historical Plain and simple a credit report is a historical record of your use of credit A credit score is a numerical grade whose calculation is based on that history in your credit report FICO is a registered trademark that happens to represent the apparent gold standard and is the most used credit score by credit card and other lenders Other than your credit history a credit report retains information from applications Each time you complete a credit application that information is stored as self reported None of the information is cross verified by each agency This makes room for errors as well as the compilation of superfluous data It's wise to check your report and correct the history even that history that is not calculated into the FICO score You report your income on an application The place of work and position will be stored Income or Salary information is not stored and is not a part of your credit history Income and expenses clearly factor into whether you will be approved for many loans but income is not reported Net Worth Income 

 Civil Judgments are front and center If you file bankruptcy the federal filing will stay on your report for a minimum of 10 years The impact of a bankruptcy on your ability to get credit is beyond the scope of today's article but the fact is the fact Stays on for 10 years and then most likely you will need to dispute the item to have it cleared Civil judgments will appear if they have been properly filed Delinquent Child Support will appear in most cases This could be a collection item a judgment or a simple line item This reporting varies often by state and depends upon how old the collection item might be There are several items to consider when building maintaining or re building good credit Focus on good clean information is key to a foundation Ideally this article gives you some guidance into where the information comes from as well as what information does not belong The big picture is that you obtain credit use it and pay on time At the same time there is value in keeping the other data clean