- Auto Finance
- How the Online Loan Saved My Life!
- Fitch Says Prime Losses Down But Issues Words of Caution
- 5 Signs You Might Love a Lease
- Finance - Auto
- Auto Finance: Watch Out for These Dealer Scams
- Veto puts auto title lenders out of work in Wis.
- Auto Insurance Resources
- Finance - Personal
- Can You Pay for Repairs with a Cash Advance Loan?
- Money Saving Ideas
- Online Payday Loan Lenders - How To Apply For Same Day Loans For Bad Credit?
- Financial Calculators
- What is a Mortgage Calculator?
- Money 101 A Guide to Gaining Control
- 3 Ways to Use a Mortgage Calculator
- Insurance
- Have You Thout About Renters Insurance?
- 4 Questions to Ask Before Buying Life Insurance
- After Profitable 2009, Reinsurers Face Pricing Pressure from Primary Insurers
- News and Press Releases
- Advance America Announces New Worry-Free Advance
- When Emergency Strikes
- 5 Applications for your Smartphone or Tablet
- Personal Insurance
- Have You Thout About Renters Insurance?
- The Benefits of Auto Insurance
- 4 Questions to Ask Before Buying Life Insurance
- Reference Library Finance and Loans
- Identy Theft: How and Why
- Subprime Auto Lender Faces Fraud Charges
- Annual Percentage Rate (APR)
Credit Report
Published: 07/07/2010
A credit report is a summary of your financial history. Potential lenders will use your credit report to help them evaluate whether you are a good credit risk.
Atypical credit report shows some personal information including Social Security number; current and past addresses; employment history; public record information such as liens, foreclosures, bankruptcies, and garnishments; collection accounts; and credit information. The last covers individual credit relationships and shows the creditor, the current status of each account including the amount outstanding and the maximum line if any, prior payment history, and recent activity. Acredit report also shows a list of companies that have requested the individual's file and the date the request was made.
There are three major repositories of credit information: Equifax, Experian, and Trans Union. The information provided by the three is not exactly the same because not all credit grantors report information to all three.
At one time, underwriters with responsibility for determining whether or not a mortgage applicant was “creditworthy” spent much of their time studying and interpreting credit reports. Increasingly, however, this judgment is being based on credit scores.