A credit report is a detailed record of your credit history compiled by credit bureaus, which are companies that collect financial information from lenders and creditors about your borrowing and repayment activities. It provides a snapshot of your creditworthiness and current credit situation, including loan payment history and the status of your credit accounts. Lenders, landlords, insurers, employers, and other entities use credit reports to evaluate your financial reliability and decide whether to extend credit, rent property, offer insurance, or make employment decisions
. Five kinds of information typically found on a credit report include:
- Personal Information : Identifying details such as your name (and any variations), current and previous addresses, date of birth, Social Security number, and phone numbers. This information helps identify you but is not used to calculate credit scores
- Credit Accounts : Information about your current and past credit accounts, including the type of account (e.g., credit card, mortgage, auto loan), the date opened, credit limits or loan amounts, account balances, payment history, and current status (open or closed)
- Collection Items : Records of missed payments and accounts sent to collection agencies, including overdue child support reported by government agencies
- Public Records : Legal financial matters such as liens, foreclosures, bankruptcies, civil suits, and judgments that are part of your credit history
- Credit Inquiries : A list of companies or individuals who have accessed your credit report, categorized as "soft" inquiries (which do not affect your credit score) and "hard" inquiries (which may impact your score)
These components collectively provide a comprehensive view of your credit behavior and financial responsibility over time.
