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A credit account history is a section of your credit report that provides detailed information on the history of your credit, which will include information on your credit activity for approximately the last 10 years. This information is gathered by credit agencies from creditors, lending institutions, government entities and other related organizations. The Credit Account History section of your credit report will include information on when your accounts were opened and how long the accounts were used. Additionally, it will list the total amount of your loans and available credit, payment history, status of the account and monthly payment requirements. It will also specify the type of account (e.g. revolving, installment, mortgage). It’s noteworthy that the credit agency issuing your report may refer to the individual accounts as “trade lines.”
A credit account history appears on your credit report to help potential creditors determine your credit worthiness. If you have a short credit account history, for example, you may be considered a higher risk loan candidate than someone who has a long credit account history with good payment practices. It’s also important to make sure your accounts are current and that your level of available credit is fairly high in relation to your debt. Remember, it’s important to check your credit report periodically to ensure it is accurate and to deal with any credit issues that might need attention. If you are concerned about your credit account history and would like advice on how to cultivate a credit account history that is regarded favorably among creditors, talk to a nonprofit credit counselor today.
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