Credit report definition
What is a credit report?
A credit report is a statement that includes information about your credit history. Credit reporting agencies (CRAs) collect this information and provide it to businesses when you apply for credit, insurance, employment, or other services.
A credit report includes:
-Your personal information, such as your name, address, Social Security number, and date of birth.
-Your credit history, including your payment history on loans and credit cards.
-Public record information, such as bankruptcies or liens.
-Inquiries from businesses that have accessed your credit report.
You have the right to get a free copy of your credit report from CRAs every 12 months. You can also get a free report if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
Who uses credit reports?
There are many companies that use credit reports including banks, credit card companies, landlords, and businesses. Credit reports are also used by people who are considering loaning money to you or entering into a business relationship with you.
Learn more: Credit history for example, and also Credit score.
How often is a credit report updated?
Your credit report is updated every time you make a payment or new information is added to it. This means if you have a good or bad month, your credit report will reflect that.
Credit reporting companies, also known as credit bureaus, collect this information from creditors and then sell it to businesses that use it to make lending decisions.
How can I get a copy of my credit report?
You can get a free copy of your credit report from each of the three major credit reporting bureaus (Experian, TransUnion, and Equifax) once every 12 months at AnnualCreditReport.com. You can also request your credit report by calling 1-877-322-8228.
When you request your credit report, you will need to provide your name, address, Social Security number, and date of birth. You will also need to specify whether you want to receive your credit report by mail, email, or online.