What is a credit report?

A consumer credit report is a factual record that contains an individuals credit history. Credit grantors are permitted by law to look over your credit report to determine whether or not you are suitable to be granted credit. Most of your information that is on your credit report comes from the companies you do business with. If the information on your credit report is inaccurate, you have the right to dispute it.

Who can look at my credit report?

Federal Laws regulate how credit reports can be used. Individuals have the right to request their own reports. Businesses need to meet certain requirements such as a background proof under permissible purpose under federal law, on - site inspection of the business, a business license, and a signed contract requiring the business to use the information obtained accordingly.

What information is on a credit report?

Information included on your credit report contains such items as your name, social security number, age, and employment history. It also indicates anyone requesting information with or without your knowledge. On your credit report you will find a list of creditors from either retail stores, mortgage companies, and other creditors. Credit reports show detail status of each account as reported by credit grantors. The information provided states if your account(s) are current or delinquent, and if there have been any repossessions, judgments, or bankruptcies. Credit reports also indicate warning signs of financial trouble such as high debts, applications for too many credit cards or loans, and late payments.