Credit Reports Now Show More Details About Your Spending Habits

By on

All three major credit bureaus now track whether you pay your credit card bill in full each month.

“In the past, your credit file displayed your monthly balance, your credit limit and whether you failed to make at least the minimum payment,” CreditCards.com says. Now Equifax, TransUnion and Experian are listing historical payment data — the amounts you actually paid, going back as far as two years ago.

The new information will tell lenders whether you’re the type of consumer who carries a balance from month to month and racks up interest charges — a “revolver” — or the type who usually pays in full, the Pittsburgh Post-Gazette says. That, in turn, helps lenders know how risky you are, and could affect the credit offers you get.

What it won’t do, at least for now, is affect your credit score, the Post-Gazette says. Anthony Sprauve, spokesman for the widely used FICO score, says it will take time to see if the new data reliably predicts whether people pay their debts.

TransUnion vice president Ezra Becker suggested the data might have other practical uses besides credit scores. “Say every December you run into payment trouble. Maybe a one-month relief program — an offer to skip a payment — would be a nice program for you,” he told the Post-Gazette. Meanwhile, people who pay in full might get more offers from lenders for cash-back and reward cards, he said.

Have you noticed your payment history in your credit reports yet? Do you think it’s a good change or a bad one? Comment below or on our Facebook page.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Check out our hottest deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,319 more deals!

Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.

  • Jcatz4

    Yes, my payment history printed. Equifax was 27 pgs. I only have 3 active credit cards, no mortgage since 2004, no car payment since 2007 and I pay off all balances on my cards on time and in full each month.