Understanding Your Experian Credit Report

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Questions and Answers

What should you do if you see a name on your credit report that you have never used?

Ignore it as it won't affect your credit score.

Contact your creditors to fix it.

Update your Experian account with your correct name.

Request that the information be removed. (correct)

Why might there be variations in the personal information on your credit report?

The credit report only reflects your most recent application.

All creditors report exactly the same information.

Different sources may report your information differently. (correct)

Experian does not maintain a record of name variations.

What type of information is typically not displayed on your credit report for protection?

Your variations of names.

Your current address.

Your creditor's information.

Your Social Security number. (correct)

Which of the following might be listed under an 'Also Known As' heading in your credit report?

Variations of your name. Signup and view all the answers

What happens if your lenders report a different Social Security number than the one you provided?

The variations of Social Security numbers will be displayed. Signup and view all the answers

What does the payment status 'CLS' indicate?

Closed account Signup and view all the answers

Which of the following payment statuses indicates bankruptcy?

BK Signup and view all the answers

What is the impact of collection accounts on your credit scores?

They have a significant negative impact Signup and view all the answers

What distinguishes a hard inquiry from a soft inquiry on a credit report?

Hard inquiries occur due to new credit applications; soft inquiries do not affect scores Signup and view all the answers

How long do Chapter 7 bankruptcy records remain on a credit report after filing?

10 years Signup and view all the answers

Which information is indicated by the 'Balance' in a collection account?

The current outstanding amount owed Signup and view all the answers

What type of information remains on your credit report for up to two years?

Credit inquiries Signup and view all the answers

What type of information can appear in the personal statements section of a credit report?

Consumer-initiated statements, fraud alerts, and power of attorney Signup and view all the answers

Which of the following best describes the account status of a credit account?

It indicates the state of the account like open, current, or past-due Signup and view all the answers

How are account numbers displayed on a personal credit report?

Truncated account numbers are provided to prevent fraud Signup and view all the answers

What is the significance of a payment status of 'Current, was past due 30 days two times'?

It suggests the account has a history of multiple late payments Signup and view all the answers

Which information shows the date an account was opened as reported by a creditor?

Date Opened Signup and view all the answers

What does the term 'Monthly Payment' refer to in credit reports?

The minimum payment required for a revolving account Signup and view all the answers

What role does a guarantor or cosigner have concerning a credit account?

They are equally responsible for repaying the debt Signup and view all the answers

Which statement about employers in a credit report is true?

They do not represent a complete employment history Signup and view all the answers

Study Notes

Experian Credit Report Overview

Obtain a copy of your Experian credit report for free online via an Experian account with regular updates.
The format and order of information may vary between different versions of the credit report.

Personal Information

Personal data reported to Experian can come from various sources, causing potential variations, such as:
- Name variations (e.g., Lillie Consumer, Lilly Consumer) listed under "Also Known As."
- Social Security number variations displayed, but the actual number is not shown for security reasons.
- Addresses associated with accounts may include work or friend's addresses without affecting creditworthiness.
- Year of birth, phone numbers, and names of joint account holders or co-applicants may also be reported.
Employment details provided by creditors do not reflect full work history and do not impact credit scores.

Account Information

Accounts include revolving credit and installment loans such as credit cards and mortgages.
Creditors are not obligated to report account details, leading to potential inconsistencies among credit bureaus.
Key account details include:
- Account name, number (partially hidden for security), status (open, closed, etc.), and date opened.
- Account type (e.g., installment loan, credit card), credit limit, original loan amounts, and payment history.
- Payment status codes indicate whether payments are on time or overdue, impacting credit scores.

Collections

Accounts overdue for a significant period may be sent to collections, which negatively affects credit scores.
Collection accounts are identified by the original creditor's name and include details like the original loan amount, balance owed, and status date.

Credit Inquiries

Credit inquiries track who accessed your credit report and remain for up to two years.
Hard inquiries occur when applying for credit, potentially affecting scores, while soft inquiries do not impact scores and occur for non-lending checks.
Inquiry details include business name, type, inquiry date, and removal date.

Public Records

The only public record that appears on credit reports is bankruptcy.
Chapter 7 bankruptcy discharges debts, while Chapter 13 requires a repayment plan.
Chapter 7 records are removed after 10 years; Chapter 13 after 7 years.

Disputing Credit Report Information

Consumers have the right to dispute incorrect information on their credit reports.
Common dispute reasons include errors from creditors or fraud.
Disputes can be initiated online, by mail, or over the phone with Experian.
The dispute process typically resolves within 30 days, with updates available through your Experian account.

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Description

This quiz provides insights into the components of your Experian credit report, including personal information and how it is organized. Explore the various categories and formats you may encounter when reviewing your report. Test your knowledge about managing and interpreting credit reports effectively.