Other than basic personal info, the data in your credit reports is all credit related. Your report will have an entry for each credit product you own. This includes:
- Credit cards
- Personal loans
- Auto loans
- Revolving credit lies
- Mortgage loans
Each entry will consist of key information about the product. For instance:
- The type of credit account
- The date you opened the account
- The name of the bank or lender
- The amount of credit (loan size, credit card limit, etc.)
- Your latest account balance (usually reported monthly)
- Your payment history
Non-credit accounts, on the other hand, won't be reported in most cases. This includes personal finance accounts, like your bank account or investment account. Most bills won't be included, either; your rent payments, utility accounts, cellphone plans -- none of that will be reported to the credit bureaus on a normal basis.
But that silence gets broken if you stop paying your bill. If your electric bill goes unpaid for too long or you fall months behind on your rent, your account may be charged off or sent to a collections agency. At that point, it could wind up on your credit reports. Delinquent accounts on your credit reports can then damage your credit scores.
LEARN MORE: Ultimate guide to your credit score
It is worth noting that credit bureaus are starting to expand the type of information they collect -- and how it impacts your credit scores. Alternative credit programs, like Experian Boost and UltraFICO, are incorporating utility and banking data into credit scoring (when you opt in, so far). But these programs are still young and lender adoption is slow.
Who can request your credit report?
In addition to yourself, a number of different parties can legally request a copy of your credit report from any of the credit bureaus. But don't worry about random people checking your credit report. The Fair Credit Reporting Act (FCRA) legally limits who can access your credit reports.
By law, a given entity needs to have a "permissible purpose" to access your report. In other words, only parties with a legitimate business reason to request your report will be given access. This may include:
- Applying for a credit product (credit card, loan, etc.)
- Applying for insurance (home, auto, health, etc.)
- When being "prequalified" for credit or insurance
- Opening a new utility or cellphone account
- Applying for a new apartment
- When you initiate a business transaction
- In response to a legal request (e.g., subpoena or child support case)
- Applying for certain licenses or government benefits
Your employer (or potential employer) may also access your credit reports, but not without your written permission, and your employer will not be able to check your credit scores.
Who can't access your credit reports? Unless you enter into a legitimate business transaction with them, your friends, relatives, or nosy neighbors can't -- legally -- get copies of your reports. If they do obtain a copy using questionable means, you could potentially sue them for damages.
Who regulates the credit bureaus?
Many of the rules governing how credit bureaus operate were set up in the Fair Credit Reporting Act. As mentioned above, the FCRA limits who can request your report. It also requires credit bureaus to give you access to your credit reports for free at least once per year.
If there is a problem or error with your report, the FCRA gives you the right to dispute that error. It also requires the credit bureaus to respond in a timely manner.
In addition to the FCRA, the credit bureaus are actively regulated by the Consumer Financial Protection Bureau (CFPB). This is a government agency that regulates many financial services, including credit bureaus.
What to do if your credit report has an error
The information collected by the credit bureaus is provided to them by the financial institutions. Reporting agencies aren't required to verify the accuracy of that information, though. As a result, you could wind up with old or incorrect information on your reports.
