What is a Credit Report?

Think of your credit report as your “credit worthiness” report card: unique, personal, and — for those with both access and expertise — revealing. Your credit report (a.k.a. credit file, credit profile, or credit history) is a record of your past and current credit obligations including your debts and payment history. In addition, it contains personal data such as where you’ve lived, any former names you’ve gone by, and your employers.

There are three main agencies lenders go to in order to acquire an individual's credit rating: TransUnion, Equifax, and Experian. Many lenders get two or more reports, as details may differ among the agencies. Opinions differ as to which of the agencies is the best or most accurate, with factions holding strong opinions on both sides for all three of the major agencies.

Your credit reports — widely recognized as the official record of how you shop for and manage credit obligations — are maintained by three national credit reporting agencies, or credit bureaus: TransUnion, Equifax, and Experian. They include:

Your personal data — This includes your name (including previous names and any variations of your name that are reported by your lenders), telephone number, address, Social Security Number, birth date, and current employer. Typically, previous addresses and employers are noted as well. This information, for the most part, is used for nothing more than identification.

Inquiries or authorized credit checks — An “inquiry” is a posting on your credit report that occurs whenever it has been accessed. Each credit reporting agency is legally obligated to maintain a complete record of all inquiries for, in most cases, 24 months. This record can be as simple as who pulled your credit report and on what date.

Relevant public records and collections — Your credit report also includes credit related public records including bankruptcies, judgments and tax liens. It also includes any collection agency debts that you may have.

Who sees your credit report?