CDs, other bank accounts are not part of credit reports

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Topics addressed on August 9, 2006:

CDs, other bank accounts are not part of credit reports

Dear Max,

I'm planning to open a couple of CD accounts (short term and long term) and also a money market account. Will such accounts have a negative impact on my credit score?

- PND

Dear PND,

Neither certificates of deposit, called CDs, nor money market accounts have any impact on your credit report or credit scores. Both are bank accounts, which from a credit reporting standpoint are in the same category as checking or savings accounts.

Only credit accounts or public records involving debt, including civil judgments, bankruptcy or tax liens, appear on your credit report. Here is a list of other things that do not appear on your credit report:

  • Criminal background, such as arrest records
  • Medical information, although medical collection accounts may be included. If so, the entry does not include any information that would indicate the medical condition or treatment.
  • Information about buying habits or specific transactions.
  • Information about ethnicity, gender or religious faith
  • Investments, such as stocks, bonds or 401K accounts
  • Assets, such as equity in real estate property. Loans secured by home equity, however, will appear in credit reports.

Thanks for asking.

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