Looking at your credit report means staring at a whole bunch of dates that you may not know the meaning of. If you’ve often wondered which of those really have any meaning, then this article is for you. Knowing the most important date crucial because:
- they have an affect an how long information is retained in your credit report
- they can have an impact on your credit scores
That said, here are the five most important dates you need to know in your credit report:
Date Opened or Open Date
The date your account was opened affects your credit score. For example, an account that was opened a long time usually has a positive effect as it helps when “age of credit history” – about 15 % of credit reports and scores – is factored in.
In case your account was closed but was opened a long time ago, that still factors as a positive when evaluating your credit scores. Additionally, a replacement card issued as a result of being a victim of fraud or having a card stolen or lost does not count as a new account.
Date of Last Activity
This terminology differs between credit reporting agencies, but it all means the same thing. This date is important in cases of negative account information, i.e. a charged off credit card, auto loan that resulted in repossession or a mortgage that resulted in foreclosure.
The date is useful in setting an exact time frame as to when an account took a particular status.
Date Reported or Reported Date
This is crucial when it comes to whether financial information is going to be included in score calculation. It may even determine whether you are getting a score.
Date of Last Payment
This shouldn’t cause so much worry compared to the others as its not something considered when calculating a score.
Inquiry Date of Date of Request
This is important especially for hard inquiries, which is an inquiry that affects your credit score. These are reported for 24 months, and when it comes to hard inquiries, the date becomes important because most credit scoring models ignore dates more than 12 months old. By knowing these dates, you can have a more accurate report and accurate credit score. In case there are discrepancies, you can make the necessary complaints to get it corrected.