What is a Credit Report and What’s on It?
Your credit report contains information about your credit history and how well you’ve been able to manage that credit. It’s used to help financial professionals decide whether they’re willing to work with you and on what terms.
If you’re new to the world of credit, here’s what you need to know about what’s in a credit report and how yours can impact your financial future.
- A credit report is a snapshot of your credit history. It measures how well you’ve managed repayment on what you’ve borrowed so far.
- Financial professionals use this information to decide whether to work with you and on what terms. It also determines your credit score.
- You can get a free copy of your credit report from AnnualCreditReport.com.
What is a credit report?
A credit report is a summary of your credit history. It contains information about the types of credit accounts you have, your payment history and any negative actions creditors have taken against you.
The three major credit bureaus, TransUnion, Equifax and Experian, each compile a credit report for you based on information given to them by your creditors. The information in each of your credit reports may vary because not all creditors report to all the bureaus. Some may only report to one or two bureaus at a time. The information each bureau has for your credit report is also used to determine your credit score.
This means that which credit report or credit score a lender pulls may affect how likely you are to qualify for financing.
How is a credit report used?
Lenders will typically review your credit report when deciding whether or not to lend to you. They’ll use this information to determine the terms you’ll be given if you’re approved. Taking steps to improve your credit score can potentially help you save thousands of dollars in interest charges the next time you apply for a loan.
As a rule of thumb, most providers with whom you may have a financial relationship can access your credit report and use it to make a decision about working with you. This includes insurance companies, utility companies, landlords and even prospective employers.
What information is included in a credit report?
Your credit reports will vary between the three credit bureaus, but in general, a credit report contains the following information:
Personal information
- Your name, as well as any names you have gone by in the past
- Current and former addresses
- Date of birth
- Social Security number
- Any phone numbers you have used
Credit account information
-
A listing of any current or past accounts you’ve had in your name. Each account will include the following information:
- Type of account (e.g., installment or revolving)
- Credit limit or loan amount
- Account balance
- Payment history
- Dates of account opening and closing (if applicable)
- Name of the issuing creditor
Inquiry information
- History of credit inquiries from anyone who has tried to view your credit report
Collections information
- Missed payments
- Loans sent to collections
- Overdue child support payments that have been verified and reported by the appropriate agencies
Public record information
- Liens
- Foreclosures
- Bankruptcies
- Civil suits and judgments
Information can stay on your credit report for a number of years. However, the total time will vary based on the action that occurred. Here’s a look at what to expect:
- Hard inquiries: Two years
- Accounts in collections: Seven years
- Positive closed accounts: Ten years
- Chapter 13 bankruptcy: Seven years
- Chapter 7 bankruptcy: Ten years
How to get a free credit report from all 3 bureaus
Each of the three major credit bureaus is legally required to provide you with one free credit report every 12 months (at your request).
You can order your credit reports online at AnnualCreditReport.com, the only source authorized by the government to provide your free credit reports.
The process is simple.
- Complete the request form at AnnualCreditReport.com.
- Select which credit bureaus you’d like to receive a credit report from.
- Answer security questions. This step is repeated for each bureau you order from.
- Review and print or save your credit report.
If you prefer to order your reports by phone, you can call 877-322-8228.
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