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Credit report definition

What is a credit report?

A credit report is a record of your credit history that includes information about your loans, credit cards, and other financial accounts. It also includes information about your payment history and any bankruptcies or foreclosures.
Your credit report is important because it impacts your credit score, which is a number that lenders use to determine whether or not to give you a loan. A good credit score means you’re more likely to get approved for a loan with a lower interest rate. A bad credit score could mean you’ll have to pay a higher interest rate or may not be approved for a loan at all.
It’s a good idea to check your credit report regularly to make sure all the information is accurate. If you see something on your report that you don’t think is accurate, you can dispute it with the credit bureau.

How often is a credit report updated?

Most credit reporting agencies update credit reports monthly, although some may update reports more frequently. You can request a free copy of your credit report from each of the three major credit bureaus every 12 months at AnnualCreditReport.com.

How is a credit report used?

A credit report is a snapshot of your credit history. Creditors use credit reports to assess your creditworthiness when you apply for new credit. Employers, landlords and insurers also may access your credit report to determine whether to offer you a job, rent an apartment or provide insurance.
Your credit report includes information about your credit accounts, such as the type of account, the date it was opened, the credit limit or loan amount, the balance and payment history. The report also includes public records such as bankruptcies, foreclosures and lawsuits. And it may list inquiries from companies that have reviewed your report to determine whether you’re a good candidate for credit or insurance.

What information is included in a credit report?

A credit report is a record of your credit history that includes information about your lines of credit, loan repayment history and any bankruptcies or late payments. Credit reports are maintained by the three major credit reporting agencies — Equifax, Experian and TransUnion.
Credit reports are used by lenders to help them decide whether to approve a loan or extend credit. They may also be used by landlords, employers and insurers.
When you apply for a loan, the lender will likely request a copy of your credit report from one or more of the credit reporting agencies. The lender will then use the information in your report to help them make a decision about your loan application.
Your credit report is a important part of your financial history. It’s important to check your report regularly to make sure that the information is accurate and up-to-date. If you see any errors on your report, you can dispute them with the credit reporting agency.

How can I get a copy of my credit report?

You can request a free copy of your credit report from each of the three major credit reporting agencies — Equifax, Experian and TransUnion — once every 12 months at AnnualCreditReport.com. You can also order your report by calling 1-877-322-8228.
When you request your report, you’ll need to provide your name, address, Social Security number and date of birth. If you have been denied credit, employment or insurance in the past 60 days, you may be able to get a free report from the company that denied you.
Check out some related reading on for example and also credit history.

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