A credit report is, by definition, a statement that has information about your credit activity and your current credit situation, such as your loan payment history and the status of your credit accounts.
There are three credit bureaus in charge of creating your report, Equifax, Experian, and TransUnion. These three are the credit bureaus, and even your credit report should be similar; each of them will have its version because some lenders and creditors may not report to all three.
The work of credit bureaus is to collect and store financial data about you that comes to them from creditors, such as lenders, credit card companies, and other financial entities.
Lenders use these reports to decide whether to lend you money and at what interest rates. Lenders also use your credit report to determine if you continue to meet the terms of an existing credit account.
Other companies may use your credit reports to determine if they offer you insurance; rent you a house or an apartment; offer you cable TV, Internet, utility, or mobile phone services. Even some employers are entitled to review your credit report before hiring you.

Credit reports generally include the following information:

  • Personal information
  • Current and past credit accounts, including account type (mortgage, installment, revolving, etc.)
  • The credit limit or amount
  • Account balance
  • Account payment history
  • The date you opened and closed the account
  • Items in collection
  • Public records
  • Foreclosures
  • Bankruptcies
  • Civil Lawsuits and Judgments
  • A credit report may include information about child support arrears provided by a state or child support agency or may be verified by federal, state, or local agencies.
As you can see, a credit report summarizes your financial behavior, and it is indispensable to access financial instruments.


bad creditcredit repaircredit repair servicesfico scorePersonal FinancesReparación de CréditoSuperior Scores

Translate »