What is a Credit Report 

A credit report is a set of information that represents your general creditworthiness and reputation as a consumer. 

It includes a vast amount of personal data. 

A sample of the information contained within a credit report is your 

  • address history 
  • social security number 
  • date of birth, 
  • list of credit accounts, the payment history of the accounts, 
  • balances on the accounts
  • how many times you have inquired for credit 
    • ("Soft" - A Company Offered you a credit product / "Hard" - You personally requested a credit product from a company ) 
  • if you have ever been bankrupt
  • collections accounts
credit report


This data is collected by National Consumer Reporting Agencies from thousands of indivual companies and processed by algorithms into various "consumer reports" / "Scores" for sale companies to use to inform thier decisionmaking. There is no one "credit score". A wide range of companies can use Credit Reports these reports to inform their decision making - a "Permissible Purpose". Sample of Companies below taken from CFPB.

  • Debt buyers and collectors
  • Lenders, including those that offer credit cards, home, payday, personal, and title loans, auto loans or leasing, student loans, and security deposit financing and lease guarantees on home rentals
  • Insurance companies
  • Employers, volunteer organizations, and government agencies to determine eligibility for government assistance
  • Landlords and residential real estate management companies
  • Banks, credit unions, payment processors, and retail stores that accept personal checks
  • Companies that market and sell products and services specifically to lower-income consumers and subprime credit applicants, such as short-term lending and rent-to-own businesses
  • Communications and utility companies 
  • Retail stores for product return fraud and abuse screening; as well as retail stores that offer financing, such as appliance and rent-to-own businesses
  • Gaming casinos that extend credit to consumers and/or accept personal checks

The National Consumer Reporting Agencies include Equifax, Transunion, and Experian - more CRAs exist and will be addressed in a future post. 

The information contained within these reports has been recognized by US Congress to be of extreme importance to the consumer. Laws passed give consumers the power to regulate thier own information for free. 

How to Analyze your own credit Report. 

1) Go to annualcreditreport.com - Do not input any payment information!!! - Your credit report is required by law to be free, but the NCRAs have ancillary products available. 

2) Click "Request your Free Reports" 

3) Fill out a short form - and request your report from all three bureaus. 

4) Read each report carefully and inspect its accuracy - paying particular attention to each credit account.

5) Is each account familiar? - If you see any unfamiliar account - place a initial fraud alert - your information may be compromised 

6) If you find any inaccurate / "stale" information (Older than seven years) it is your right to dispute the information with the company that furnished the data to the NCRA using this template. 

*You cannot remove accurate information from your credit report. Companies are required by law to keep records surrounding the collection of debts - if the debt collector is not meeting compliance requirements the information is inaccurate. 

7) Dispute using CFPB Sample letters and instructions - Not the Credit Reporting Agency https://files.consumerfinance.gov/f/documents/092016_cfpb_FurnisherSampleLetter.pdf

It is important to analyze your credit report regularly - But it is especially before any major financial transactions/ life event (Applying for a Personal Loan, Credit Card, Apartment, Job, Mortgage) 

Please share! Leave a comment if you have any questions! 

Follow me on IG @Mortgage_Credit_Information

 I have special offers for my readers 

- 25% off LifeLock Identity Theft Protection (Terms Apply) 

- $1 Dollar Experian FICO® Score (Terms Apply)

Source: Consumer Finance Protection Bureau: https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/