What is a Credit Report

A credit report is simply a report that details your credit history. It contains information pooled from anyone and everyone that has lent you money and reported it to a credit bureau. This can be credit grantors such as retailers, credit card issuers, banks, finance companies, credit unions, doctors, etc. There are three main credit bureaus, Experian, Equifax and TransUnion. Lenders will typically report to one of or all and will typically do so on a monthly basis. Credit Reports, in addition to financial information, can contain personal information such as name, address, Social Security Number and your public record which includes information such as bankruptcies, tax liens and judgments. Credit reports show such things as:

• who has extended credit to you,

• beginning balances, high balances and current balances,

• what type of credit you possess (secured, unsecured or revolving)

• how long your accounts have been open,

• how many accounts you have and

• whether you've paid your bills on time

It is important to note that all pieces of your credit report must be viewed together to have a clear picture of your credit performance. This full picture is now interpreted as a number, known as your "Credit Score".