Definition
A credit report is a comprehensive document that contains detailed information about your credit history. It includes your personal information, credit accounts, payment history, inquiries, and public records like bankruptcies or foreclosures. Credit bureaus (Equifax, Experian, and TransUnion) compile this information from lenders and creditors who report to them. Your credit report is used to calculate your credit score and is reviewed by lenders when you apply for credit, by landlords when you apply for housing, and sometimes by employers during the hiring process.
Frequently Asked Questions
How can I get a free copy of my credit report?
You're entitled to one free credit report from each of the three major credit bureaus every 12 months through AnnualCreditReport.com, the only federally authorized website for free credit reports.
How long do items stay on my credit report?
Most negative information stays on your credit report for 7 years. Chapter 7 bankruptcies can remain for 10 years, while Chapter 13 bankruptcies typically stay for 7 years. Positive information can stay indefinitely, though some credit bureaus remove closed accounts in good standing after 10 years.
What should I do if I find errors on my credit report?
If you find errors, you should dispute them directly with the credit bureau that's reporting the incorrect information. You can do this online, by mail, or by phone. The bureau must investigate your claim and respond within 30 days.
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