Credit Report

AAA

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 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 TERMS
  1. Credit History

    A record of a consumer's ability to repay debts and demonstrated ...
  2. Derogatory Information

    Information on a person's credit report that can be legally used ...
  3. Lien

    The legal right of a creditor to sell the collateral property ...
  4. Creditor

    An entity (person or institution) that extends credit by giving ...
  5. Bankruptcy

    A legal proceeding involving a person or business that is unable ...
  6. Line Of Credit - LOC

    An arrangement between a financial institution, usually a bank, ...
RELATED FAQS
  1. What are the differences between preference shares and bonds?

    Establishing a checking account with a bank requires more than an initial deposit or verification of a customer's identity. ... Read Full Answer >>
  2. How does your checking account affect your credit score?

    Your credit report provides a snapshot for prospective lenders, landlords and employers of how you handle credit. For any ... Read Full Answer >>
  3. What is the most important "C" in the Five Cs of Credit?

    Financial institutions attempt to mitigate the risk of lending to unworthy borrowers by performing a credit analysis on individuals ... Read Full Answer >>
  4. How do I get my free credit report and score from each credit bureau?

    Under the federal Fair Credit Reporting Act (FCRA), all Americans are entitled to receive, upon request, one free credit ... Read Full Answer >>
  5. How long does it take for items to show up on my credit report?

    Normal information, such as a paid or unpaid notation, usually hits a credit report within 30 days of the close of the billing ... Read Full Answer >>
  6. Can a debt collector contact me about a debt that's no longer on my credit report?

    According to Experian, a debt collector can contact a consumer about a debt that is no longer on the consumer's credit report. ... Read Full Answer >>
  7. Why are there three national credit bureaus?

    Three national credit bureau companies have the most clout in the United States, because Experian, TransUnion and Equifax ... Read Full Answer >>
  8. How will accepting a higher credit card limit affect my credit score?

    Accepting a high limit on a credit card positively affects a credit score, as long as the credit is not used. Once some or ... Read Full Answer >>
  9. Will jointly filing taxes have the effect of joining a couple's credit?

    The only thing that "joins" the credit of a married couple is the ownership of joint accounts. In other words, if there ... Read Full Answer >>
  10. How is my credit score calculated?

    The credit score, commonly referred to as a FICO score, is a proprietary tool created by the Fair Isaac Corporation. This ... Read Full Answer >>
  11. Does marrying someone with bad credit affect my credit score?

    A credit rating is an assessment of an individual's creditworthiness. This evaluation is based on an individual's history ... Read Full Answer >>
Related Articles
  1. Insurance

    Identity Theft: How To Avoid It

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.
  2. Home & Auto

    How An Insurance Company Determines Your Premiums

    Find out how insurers use credit history to build an insurance score and how it could affect your bottom line.
  3. Credit & Loans

    The Importance Of Your Credit Rating

    A great starting point for learning what a credit score is, how it is calculated and why it is so important.
  4. Credit & Loans

    Check Your Credit Report

    Make sure there are no errors holding you back from obtaining a loan.
  5. Credit & Loans

    How To Dispute Errors On Your Credit Report

    It just takes some time and effort to rebound from a nasty case of "credit rejection shock."
  6. Budgeting

    Are You Living Too Close To The Edge?

    If a missed paycheck will make your finances cave in, you must learn how to make proper supports.
  7. Insurance

    Your Financial Life: From Stressful To Stress-Free

    Find out how to get the ball rolling on your future financial security. Then sit back and watch things unfold.
  8. Credit & Loans

    Identity Theft: Who To Call For Help

    If your identity is stolen, it's critical to act fast. Find out what to do if it happens.
  9. Options & Futures

    Should You Refinance Your Mortgage When Interest Rates Drop?

    Refinancing is a great way for many homeowners to improve their financial situation - but beware of the downsides.
  10. Options & Futures

    Pre-Qualified Vs. Pre-Approved - What's The Difference?

    These terms may sound the same, but they mean very different things for home buyers.

You May Also Like

Hot Definitions
  1. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
  2. Moving Average - MA

    A widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random ...
  3. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  4. Productivity

    An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in ...
  5. Variance

    The spread between numbers in a data set, measuring Variance is calculated by taking the differences between each number ...
  6. Terminal Value - TV

    The value of a bond at maturity, or of an asset at a specified, future valuation date, taking into account factors such as ...
Trading Center