Credit Reports Explained

Credit reports are a compilation of data about an individual's financial history. This report includes a list of all credit accounts such as credit cards, mortgages and auto loans.

Who Produces Credit Reports?

Credit reports are created by consumer reporting agencies, also known as credit bureaus. The three largest credit bureaus are Experian, Equifax and TransUnion.

What Are Credit Reports Used For?

The information found in credit reports is used to calculate your credit scores. These are used by lenders to determine how creditworthy you are and whether to offer you a loan or not.

Who Can See Your Credit Report?

Your credit report can be requested by lenders considering issuing you a loan, your employer, insurers, government agencies and anyone who has a business interest in your credit history.

How Often Can You View Your Credit Report?

You are entitled to view your credit report free of charge once every year. You may purchase additional copies of your report if you wish.

How Long Does Information Stay on Your Credit Report?

Information usually remains on the report for seven years after the event. One exception is personal bankruptcy, which stays on the report for 10 years.

References

• Credit Reports

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