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As Labor Day Approaches, FreeScore.com Eases Consumer Concerns: Most Labor Statistics Are Not On Your Credit Report.

NORWALK, Conn. -- Labor Day is dedicated to the achievements of American workers. Work connotes economics, bills to pay, and, that's right - credit. With U.S. unemployment at 9.1% as of July 2011 and the U.S. economy still recovering from the recent financial crisis, labor and credit can be tricky to figure. FreeScore.com provides the facts on what labor statistics can be found on consumers' credit reports.

4 labor statistics NOT found on a credit report

1. Salary. Credit reports follow how you actually manage credit. This includes paying bills on time, late payments, and defaults - not whether or not you have the capacity to pay.

2. Employment status. If you are unemployed, steadily employed, or shakily employed, that information will not be reflected on your credit report. However, names of your employer or past employers could be on the report if you applied for credit and listed them on application.

3. Net worth. "Your credit report is a record of all your current and past debt and credit management. It is not a record of your complete net worth. If you completely own a piece of land, a car, or a home - these items will not show up on your credit report. Auto loans and mortgages will be listed," explains Carrie Coghill, director of consumer education for FreeScore.com.

4. Nontraditional loans or income. The use of reloadable debit cards or undocumented loans from a relative or friend will not show up on a credit report. Also, if extra cash is gained from activities like babysitting, or dog walking - your credit report will not list them.

2 labor statistics that COULD be found on a credit report

1. Some employment information. Particular employment information found on a credit report will vary according to the credit bureau providing the report. The three major credit bureaus are: Experian, Equifax, and TransUnion.

-An Experian credit report won't list your job title or dates of employment.

-An Equifax credit report will list your last known employer and occupation, but not your dates of employment or your employment status.

-A TransUnion credit report will list (if available) your current and/or previous employer, the position you held, and the date you were hired.

2. Your actual credit report. If you are applying for a certain job in the financial field or another area that deals with valuables - it is possible that an employer may want to check your credit history as part of their vetting process. "An employee or potential employee must grant permission for an employer to check their credit, according to The Fair Credit Reporting Act. The catch is - some employers may find it suspicious if someone refuses to allow a credit check," said Coghill.

Concluded Coghill, "Make sure your credit report reflects the fruits of your credit labors. It is always a good idea to take some time to labor over your credit report. You can get one free credit report per year from each major credit bureau from AnnualCreditReport.com. Know what information will be listed, what a good credit report looks like, and try to have the best report you can have. The most important thing you can do is make sure you work as hard as you can to pay your bills on time!"

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About FreeScore.com

FreeScore.com is the leading online consumer credit service, providing members with affordable, unlimited access to all three credit scores and their complete credit profile. For more information, go to FreeScore.com. FreeScore.com is an FYI Direct, Inc. company.
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Publication:Business Wire
Date:Sep 2, 2011
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