Missing accounts on my credit report

Have you ever wondered why your credit file is not reflecting all of your credit accounts?  Most major department store cards and Major Credit Cards will be included in your profile but not all creditors will voluntary supply their credit accounts to the credit bureaus.

If you have ever been declined because if insufficient credit data but do have accounts with creditors but they are not showing up on your credit report, you may contact that creditor and ask that they start reporting the account to the credit bureaus.   Please be mindful that creditors are not required to report credit information to credit bureaus.

New credit

Consumers are obtaining credit more often than they have in the past.  Credit scores do reflect a consumer’s shopping habits.  You should try to stay away from obtaining several credit accounts in a short period of time and avoid appearing as a greater risk to creditors.

Yes, you can check your own credit report

Checking your credit report will not affect the credit score as long as you are obtaining the credit reports direct through the credit reporting agencies or an organization authorized to provide credit reports to consumers.   These types of credit checks are called “soft inquiries”.

How many recent inquiries you have

A soft inquiry is much different than a hard inquiry.  A hard inquiry is when a lender makes a request for your credit report or credit score in order to extend you credit.  Inquiries remain on your credit report for two years.

There are 3 important facts about inquiries to note:

  • Inquiries usually have a small impact
  • Many types of inquiries are ignored completely
  • The score allows for “rate shopping”