A person's credit history is reported by the three major repositories: Equifax, Trans Union, and Experian (TRW)
It contains: credit accounts, public records, inquiries
It does NOT contain: race, religion, personal assets, medical or criminal records
It's calculated by statistical models that assign points to factors indicative of repayment, like the probability of delinquency in 24 months. It's objective, not judgemental.
It requires one account over six months and one account updated in the past six months.
How long does the information stay? According to the Fair Credit Reporting Act:
–Time since opened
–Avoid credit surfing
–How many new vs. total
–Mortgage & auto excepted
–Finance company score lower than banks and retailers