A credit report is like an account statement. In it, the reporting agency provides information on your current and past credit activity (usually for 7 years; 10 if you’ve declared bankruptcy). The information in the report is provided to the agency by lenders you have credit with.
One credit agency’s report may look different from another, because lenders are not required to file with all the major bureaus, so each report may reflect different information.
Your credit report will include:
Personal Information — Your name, birthdate, and Social Insurance/Security Number, current and former addresses, and phone numbers.
Credit History — The names of, and history with, current and former creditors, the type of credit (mortgage, credit cards, etc), the date accounts were opened/closed, the original amount borrowed/credit limit, the current balance, and notes on your payment history.
Collections — If an account was ever assigned to a collection agency, it will be shown.
Other Public Records — This can include liens, foreclosures, civil suits and judgements, and especially bankruptcies.
Credit Inquiries — Any company that has checked your credit report/rating.
The credit agency then takes all of this information into account and formulates a credit score to provide lenders with a snapshot of your credit worthiness.
It’s a good idea to check your credit report regularly (at least once a year) for accuracy. It’s not uncommon for errors to show up. If you find an error, contact the credit agency immediately to go over their procedures for fixing the mistake or disputing information provided by a lender.
Where to Check Your Credit Report
When looking for your credit report on these sites be sure to log in to the site specifically for the country you live in (usually a tab in the menu bar).
