Most major credit card issuers update your credit report periodically to include details about your credit card and how you’re using it. Here is an explanation of the credit card information that appears on your credit report.
Details About the Credit Card
There will be some basic information about your credit card, like the credit card issuer and the first few digits of your account number. The specific credit card you have won’t be listed. For example, a Citi Platinum MasterCard looks the same as a Citi Secured credit card.
Account Details
For each of your credit cards, the credit limit, balance, highest balance charged, and monthly payment will be listed. Your credit limit and credit card balance are used to calculate your credit score. The ratio between these two is called your credit utilization and is a major part of your credit score. The credit limit and balance that appear on your credit report may not match your current credit limit and balance since your credit report details are updated periodically, not real time.
Payment History
Your monthly payment status for the last 24 months will appear on your credit report. Each month will show whether your account was current, late by 30, 60, 90, 120, or 180 days, charged-off, or placed with a collection agency. If you have late payments that were older than 2 years, there will be a note on your account to indicate how late you were and how many times you were that late, e.g. 90 days late 2 times.
How Long This Information Is Reported
There’s no time limit for reporting details about your credit card accounts that are positive and still open. Negative credit card details will stay on your credit report for seven years, except credit cards that were included in bankruptcy, which will stay for 10 years. If you close an account in good standing, it will remain on your credit report until the credit bureau decides to remove it.
How to Remove Credit Card Errors on Your Credit Report
If your credit report contains errors about your credit card details, for example, if your card issuer reports a late payment that was really on time, you can have this information removed. You can contact the credit bureau and ask them to remove the error, providing any proof you have of your claim. You can also take your dispute directly to the credit card issuer if the credit bureau doesn’t correct the details.
An accurate credit report is important because creditors, lenders, landlords, and even employers check your report to review your credit habits.
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