Credit report
A detailed record of your credit accounts, balances, payment history and public records, compiled by a credit bureau.
What it means
A credit report lists your loans and credit cards, including when each was opened, its limit or original amount, current balance and whether payments were made on time. It also shows collections, bankruptcies, and inquiries from companies that checked your credit. Each of the three major credit bureaus keeps its own report, so the details can differ.
Federal law gives you the right to free copies of your reports, and the bureaus now offer free reports weekly through the official free-report website. Most negative items, such as late payments and collections, can stay for up to seven years, and some bankruptcies for up to ten. If something is wrong, you can dispute it with the bureau and the company that reported it, and they must investigate.
Example
For example, someone reviewing their report finds a credit card they never opened. They can dispute the account with the bureau, contact the lender, and consider placing a credit freeze to block new accounts in their name.
How it’s used
- Checking for errors before applying for a mortgage
- Spotting identity theft or fraud
- Understanding why a credit score changed
Good to know
- Review reports from all three bureaus, since lenders may report to only one or two.
Related terms
Educational information only, not financial, tax or legal advice. Rules, limits and rates change; check the IRS, your lender or plan, or a qualified professional before acting.