What is a credit report?
A credit report contains information about your credit, some bill repayment history and the status of your credit accounts. This information includes how often you make your payments on time, how much credit you have, how much credit you have available, how much credit you are using, and whether a debt or bill collector is collecting on money you owe. Credit reports also can contain rental repayment information if you are a property renter. It also can contain public records such as liens, judgments, and bankruptcies that provide insight into your financial status and obligations.
Lenders use these reports to help them decide if they will loan you money, what interest rates they will offer you, or to determine whether you continue to meet the terms of the account. Other kinds of companies can purchase reports to help inform them while making a wide range of business decisions such as providing or pricing insurance; renting you a residential property; providing you with cable TV, internet, utility, or telecommunication services; and (if you agree to let them look at your credit report) making employment decisions about you.
Credit bureaus are organizations that track and report your credit, including your history of paying bills and calculates your ability to repay future loans. Credit bureaus do two things: compile credit histories on prospective borrowers and provide credit reports to lenders.
Your credit report contains:
- Personal information such as your name, social security, date of birth and current and previous addresses.
- Names of current and previous employers.
- Public record information including liens, judgments, and bankruptcy filings.
- Outstanding debts that have been sent to a collection agency.
- A list of your credit accounts and loans including:
– Current and past payment information (including late payments)
– Current balances on your credit cards
– Current amounts of outstanding loans
- Overdue child support payments.
- Credit Inquiries. The name of the companies that have recently requested your credit file.
Your credit report does not contain information about:
- Political party affiliation
- Medical history
- Criminal record