What is a Credit Report

This article is a concise, enlightening tell-all explaining what exactly a credit report is, and what that agency to you. It will NOT inform you where to get a cheap, or free, credit report. Rather, this article will explicate what types of credit reports are available, and why they are used.

A credit report is a retelling of your credit payment history. It can be provided to companies by one of the four credit bureaus in the U.S. arsenic designated by law. Usually, this information is only shared when credit is being extended, although this is not always the case.

A credit report is used to state a possible creditor about your ability to refund your debts, based on past experiences. All credit reports are hosted in databases housed by the credit bureaus.

If you are one of the 210 million people in the U.S World Health Organization have got a student loan, credit card, mortgage or another type of loan, then you probably have a credit file, somewhere. The information gathered to make your credit data file is garnered from the companies with which you have got credit extended to you. Also, the authorities or legal system may supply information as well.

Whenever you apply for more than credit, a credit report is usually created which incorporates all of this information from one of the four credit bureaus in the U.S. (Innovex, Experian, Equifax and TransUnion). There are quite a few other, smaller credit bureaus around the states; however, most credit granting agencies will only look at information from one of the large four.

There are respective different sorts of credit reports that an agency can bespeak about you:

- Consumer Credit Reports (what we have got discussed most of this article already);
- Property Manager Credit Reports: These reports are used by landlords to determine your credit history with sees to your rental payments, and are essentially the same report as the consumer credit report.
- Business Credit Reports: These reports are used by credit agencies to determine if a business is credit worthy. Information gathered can include company background, number of employees, estimated annual sales, public records, payment tendencies and how the company compares to others in the same industry.
- Employer Credit Reports: These reports are similar to the consumer credit reports, but are used in addition, and include such as information as employment history, education, criminal records checks, and motor vehicle registration and history.
- Mortgage Broker Credit Reports: These credit reports are quite different than the others, as they convey together information from more than than one database at a time. These are used to determine if a client is a good credit granting hazard for a mortgage, and can include information such as as your name, living situation, and employment and educational history.

Credit bureaus accumulate information about the people who have got credit, and then keep that information for any reports as discussed above. Although credit bureaus are not affiliated with the government, they are strictly regulated to protect the privateness of credit issuers, granters and consumers.