Reports on credit
and other financial information
Basic questions about credit
reports and credit reporting
What is a consumer credit report?
A consumer credit report is a factual record of an individual’s credit payment
history as reported by his or her creditors. It can be provided only for purposes
permitted by law and serves as your credit references for businesses. Credit
reports are most frequently used to help lenders quickly and objectively decide
whether to grant you credit. Examples of credit include car loans, credit cards
and home mortgages. A credit report also can be used as a tool in making
decisions about employment, rental, licensing, insurance and other specific
business relationships.
In less than two seconds, the credit reporting company compiles the
information into a single report and transmits the report back to the
consumer’s lender.
What does a typical consumer credit report include?
• Identification: your name, current and previous addresses, telephone
number, reported variations of your Social Security number, date of birth,
employer and your spouse’s name. This information comes from your credit
applications, so its accuracy depends on your filling out the forms clearly,
completely and consistently each time you apply for credit. The federal
government geographic code for the area in which you live also will appear
in your credit report. The geographic code helps prevent discriminatory
lending practices.
• Account history: specific information about each account, such as the
date opened, credit limit or loan amount, balance, monthly payment,
payment status and payment history. This information comes from
companies that do business with you.
• Public records: federal bankruptcy records; state and county court records
of tax liens and monetary judgments; and, in some states, overdue child
support payments. This information comes from public records.
• Inquiries: a record of those who have reviewed your information.
This information comes from the credit repor