Credit Report

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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.

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RELATED FAQS
  1. 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 >>
  2. 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 >>
  3. 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 >>
  4. 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 >>
  5. 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 >>
  6. 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 >>
  7. 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 >>
  8. 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 >>
  9. 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 >>
  10. 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 >>
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