What type of information do credit bureaus collect and sell?

Credit Bureaus collect and sell four basic types of information. Identification and employment information Your name, birth date, Social Security number, employer, and spouse's name are routinely noted. The CRA also may provide information about your employment history, home ownership, income, and previous address, if a creditor requests this type of information.

Payment history
Your accounts with different creditors are listed, showing how much credit has been extended and whether you've paid on time. Related events, such as referral of an overdue account to a collection agency, may also be noted.

Inquiries
CRAs must maintain a record of all creditors who have asked for your credit history within the past year, and a record of those persons or businesses requesting your credit history for employment purposes for the past two years.

Public record information
Events that are a matter of public record, such as bankruptcies, foreclosures, or tax liens, may appear in your report.

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A credit report, and particularly the score, is very relevant to a person’s life. Each time that an individual applies for a loan or for credit of any kind, the lender will view a copy of the report. A negative score will indicate a poor credit risk which often results in a denial or an inflated interest rate. In other words, a person’s credit rating can affect everything from purchasing a home to getting a low rate Visa. In fact, it may even hold ramifications for future employment, as many companies are now using credit reports to screen applicants.