What Is a Credit Report?
In plain English
A credit report is a comprehensive document that records your credit accounts, payment history, outstanding balances, credit inquiries, and public records such as bankruptcies. The three major credit bureaus — Equifax, Experian, and TransUnion — each maintain their own version of your report.
What Information Is in a Credit Report?
A credit report contains your personal identifying information, a list of all open and closed credit accounts with their balances and payment status, a record of hard and soft inquiries, and any public records such as bankruptcies or judgments. Each account shows the lender, account type, credit limit, balance, and whether payments were made on time.
How Do You Get a Free Copy of Your Credit Report?
You are entitled to one free credit report per year from each of the three major bureaus through AnnualCreditReport.com, the only federally authorized source. During recent years, free weekly reports have been available. Many banks and credit card issuers also provide free ongoing credit report access as a feature of their accounts.
What Should You Do If You Find an Error on Your Credit Report?
If you spot an error — such as an account that is not yours, an incorrect balance, or a late payment you did not miss — file a dispute directly with the bureau reporting the error. The bureau must investigate within 30 days. It may also be worth notifying the lender that furnished the incorrect data. Correcting errors can meaningfully improve your credit score.
Frequently asked questions
Do all three credit bureaus have the same information?
Not always. Lenders choose which bureaus to report to, so some accounts may appear on one report but not another. This is why it is important to check all three reports periodically to get a complete picture of your credit profile.
How long does negative information stay on a credit report?
Most negative information, such as late payments and collections, remains on your report for seven years. Chapter 7 bankruptcy stays for ten years. Positive account history can remain much longer, sometimes indefinitely, helping your score over time.
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Related terms
Credit Score
A credit score is a three-digit number that summarizes your creditworthiness based on your credit history. Lenders use it to decide whether to approve loans and at what interest rate.
Credit Bureau
A credit bureau is a company that collects and maintains consumer credit information. The three major bureaus — Equifax, Experian, and TransUnion — compile your credit reports used by lenders.
Hard Inquiry
A hard inquiry occurs when a lender checks your credit report as part of a credit application. It can temporarily lower your credit score by a few points.
Soft Inquiry
A soft inquiry is a credit check that does not affect your credit score. It includes checks for pre-approval offers, background checks, and when you view your own credit.
Credit Freeze
A credit freeze restricts access to your credit report, preventing new accounts from being opened in your name. It is one of the most effective tools to protect against identity theft.
Credit Monitoring
Credit monitoring is a service that tracks changes to your credit report and alerts you to suspicious activity. It helps catch identity theft and errors early.
Payment History
Payment history is a record of whether you have paid your credit accounts on time. It is the single most important factor in your credit score, accounting for 35% of your FICO score.
Charge-Off
A charge-off occurs when a lender writes off a debt as a loss after you stop making payments, typically after 120 to 180 days. It is a serious negative mark on your credit report.