What is a Credit Report?
A credit report is a record of your personal credit history from the past 7-10 years, including:
- Personal information.Compiled from credit applications you've filled out, this information normally includes your name, current and recent addresses, Social Security Number, date of birth, and current and previous employers.
- Credit history.The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorized user. Account details include the date the account was opened, credit limit or amount of the loan, payment terms, balance, and payment history.
- Credit report inquiries.Credit reporting agencies record an inquiry whenever your credit report is shown to another party, such as a lender, service provider, landlord, or insurer. Inquiries remain on your credit report for up to two years.
- Public records.Matters of public record obtained from government sources, such as courts of law (including liens, bankruptcies, and overdue child support) may appear on your credit report. Most public record information stays on your credit report for 7 years.
A credit report does not include information about your checking or savings accounts, bankruptcies more than 10 years old, charged-off or debts placed for collection that are more than seven years old, gender, ethnicity, religion, political affiliation, medical history, or criminal records.
Who Can View Your Credit Report?
Anyone with a permissible purpose can view your report, including:
- Potential lenders
- Landlords
- Insurance companies
- Employers and potential employers
- Companies you allow to monitor your credit report for signs of identity theft
- Groups considering your application for a government license or benefit
- A state or local child support enforcement agency
- Any government agency
- Someone who uses your credit report to provide a product or service you have requested
- Someone who has your written authorization to obtain your credit report
Accessing Your Credit Report
Credit reports should be checked at least once per year to ensure accuracy and monitor for identity fraud. You may access one free credit report from each of the major credit bureaus each year (totaling three free credit reports per year). Request your free credit report onlineatAnnualCreditReport.comor directly from one of the three major credit reporting agencies:
FAQs
Financial aid that you don't have to pay back, such as scholarship or grant money, doesn't hit your credit report. It's not debt, so there's no reason for it to. But student loans can show up on your credit report.
How can I get my full credit report for free? ›
You may request your reports:
- Online by visiting AnnualCreditReport.com.
- By calling 1-877-322-8228 (TTY: 1-800-821-7232)
- By filling out the Annual Credit Report request form and mailing it to: Annual Credit Report Request Service. PO Box 105281. Atlanta, GA 30348-5281.
Credit score role: While the FAFSA form does ask for financial details like your income and savings, it will not ask for your credit score or pull your credit report when you apply. Completing the FAFSA form doesn't affect your credit score.
Is AnnualCreditReport.com a legitimate site? ›
AnnualCreditReport.com is the official site to get your free annual credit reports. This right is guaranteed by Federal law. You can verify this is the official site by visiting the CFPB's website. Don't be fooled by look-alike sites.
Does financial aid put you in debt? ›
The type of aid you receive after filling out the FAFSA determines if you need to pay it back. Grants, scholarships, and work-study money don't need to be repaid but have finite funding limits. You will need to repay subsidized, unsubsidized, and Direct Plus Loans.
Can student loans show up on credit report? ›
Your student loan amount and payment history are a part of your credit report. Your credit reports—which impact your credit score—will contain information about your student loans, including: Amount that you owe on your loans. Payment history.
Which credit report is most accurate? ›
Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.
Is a 600 a good credit score? ›
Your score falls within the range of scores, from 580 to 669, considered Fair. A 600 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
What is a good credit score? ›
There are some differences around how the various data elements on a credit report factor into the score calculations. Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.
Does financial aid have anything to do with credit? ›
How Financial Aid May Affect Your Credit Scores | Final Exam. Generally, the only type of financial aid that may affect your credit scores is a student loan, whether it's private, federal subsidized or federal unsubsidized. All student loans require repayment.
Applying for financial aid could negatively affect admissions chances. If a student is on the cusp of admissibility, not applying for financial aid will classify the student as “full pay,” which can advantage them over another who would be eligible for need-based aid.
What disqualifies you from FAFSA? ›
Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school. Defaulting on a student loan.
Where is the safest place to get your free credit report? ›
Avoid Other Sites Offering Free Credit Reports
You might see companies and sites offering free credit reports, but there's only one authorized place to get the free annual credit reports you're entitled to by law: AnnualCreditReport.com.
What is a good FICO score? ›
How do I get my actual credit score for free? ›
You have the right to request one free copy of your credit report each year from each of the three major consumer reporting companies (Equifax, Experian and TransUnion) by visiting AnnualCreditReport.com. You may also be able to view free reports more frequently online.
Does applying for FAFSA affect buying a house? ›
Does Applying with FAFSA Effect Buying a House? No, completing FAFSA doesn't impact your credit at all. And it doesn't mean you're taking out a student loan. FAFSA simply lets you apply for any potential student financial aid that might be available for you.
Is financial aid reported as income? ›
Most forms of financial aid are not taxable. For example, students typically do not pay taxes on student loans, grants, or scholarships. There are exceptions, however. Students must pay taxes on work-related income distributed as financial aid.
Does financial aid help build credit? ›
Once you've finished school, you'll begin repaying your federal student loans after a six-month grace period. If you make your loan payments on time and in full every month, federal student loans can build your credit by: Providing a history of on-time payments. Increasing your average age of accounts.
Does financial aid count as loans? ›
Financial aid is either money that doesn't need to be paid back, known as gift aid, or earned through a federal work-study program. Student loans must be repaid within a given loan term. Not only are students expected to pay back student loans, but there's typically interest that accrues over the life of the loan.
