What Is the Definition of a Credit Report?

A credit report is a document that contains details about your credit history and current credit position, such as loan repayment history and account status.

There is a good chance that you have more than one credit report. Financial data is collected and stored by Credit Reporting Agencies (also known as credit bureaus or consumer reporting agencies) from lenders, credit card companies, and other financial institutions. Neither creditors nor credit reporting agencies are obligated to report to each other.

Using this information, loan providers can determine whether or not to give you money and what interest rates to charge you. In addition, lenders look at your credit record to see if you’re still meeting the conditions of a current credit account. In addition, other firms may utilize your credit reports when deciding whether or not to insure you, rent you a home or apartment, or supply you with cable TV, internet, energy, or mobile phone service An employer’s credit report may be used against you if you consent to let them see it.

In credit reports, you’ll often find the following data:

Personal information

  • Including nicknames, your name, and any other names you may have previously used in connection with a credit account
  • Current and former addresses
  • Date of birth
  • Social Security number
  • Phone numbers
 

Credit accounts

  • Credit accounts, both current and historical, as well as the type of account (mortgage, installment, revolving, etc.)
  • The amount or credit limit
  • The balance of your account
  • When the account was first established and when it was closed
  • The creditor’s name
 

Items in collection

Records available to the public

Overdue child support information given by a state or municipal child support agency or confirmed by any local, state, or federal government agency may appear on a credit report.

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