Credit Reports

What is a credit report?

A consumer credit report is a factual record of your credit activities. It reports all your credit accounts and outstanding loans, the balances on your credit cards and loans, and your bill paying history. Lenders are permitted by credit report laws to check your credit report and review it in order to determine whether or not to grant you credit. In order to start to build a credit report, all you have to do is establish credit in the form of a credit card account, car loan, mortgage, or student loan. Most of the information on your credit report comes directly from the business you have accounts or outstanding loans with. When you pay your bills or fail to pay your bills, lenders usually report your credit information - good or bad - to credit report agencies.

What is in a credit report?

There are four main categories of information in your credit report:

1. Personal information: Your credit report contains information that identifies you, including the following:

  • Your name
  • Your social security number
  • Your current address and previous addresses
  • Your phone number
  • Your date of birth
  • Your current employer and previous employers

2. Your credit history: Your credit report includes your history of bill paying with lenders such as:

  • Banks
  • Mortgage companies
  • Retail stores
  • Finance companies