Credit Report

Filed Under »
Dictionary Says

Definition of 'Credit Report'

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender to in determining a loan applicant's creditworthiness, including:
 
1. Personal data (current and previous addresses, social security number, employment history)
2. Summary of credit history (number and type of accounts that are past-due or in good standing)
3. Detailed account information
4. Inquires into applicant's credit history (number and type of inquiries into applicant's credit report) 
5. Details of any accounts turned over to credit agency (such as information about liens, wages garnishments via federal, state or county records)
6. Information on how to dispute any of the above information. 
Investopedia Says

Investopedia explains 'Credit Report'

Once negative information appears on your credit report, there is little you can do to clear it up if the information is truthful and accurate. Generally such information remains for about seven years, while bankruptcy filings typically stay on the credit report for about 10 years.

Related Definitions

  •

    Derogatory Information

    Information on a person's credit report that can be legally used to turn down a loan application; it includes late payments, charge-offs and bankruptcies. As a general rule, derogatory ...
    Read More »

  • Line Of Credit - LOC

    An arrangement between a financial institution, usually a bank, and a customer that establishes a maximum loan balance that the bank will permit the borrower to maintain. The borrower ...
    Read More »

  • Loan

    The act of giving money, property or other material goods to a another party in exchange for future repayment of the principal amount along with interest or other finance charges. A loan ...
    Read More »

    • Creditor

      An entity (person or institution) that extends credit by giving another entity permission to borrow money if it is paid back at a later date. Creditors can be classified as either ...
      Read More »

    • Lien

      When a creditor or bank has the right to sell the mortgaged or collateral property of those who fail to meet the obligations of a loan contract.
      Read More »

    • Bankruptcy

      A legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor (most common) or on behalf ...
      Read More »

    • Insurance Score

      A rating computed and used by insurance companies that represents the probability of a client filing an insurance claim during his or her coverage. The score is based on the client's ...
      Read More »

    • Credit Score

      A statistically derived numeric expression of a person's creditworthiness that is used by lenders to access the likelihood that a person will repay his or her debts. A credit score is ...
      Read More »

    • Credit Scoring

      A statistical analysis performed by lenders and financial institutions to access a person's credit worthiness. Lenders use credit scoring, among other things, to arrive at a decision on ...
      Read More »

    • Credit History

      A record of a consumer's ability to repay debts and demonstrated responsibility in repaying debts. A consumer's credit history consists of information such as: number and types of credit ...
      Read More »

Articles Of Interest

Sponsored links
Hot Definitions
Partner Links
Suggested Definitions