What Is A Credit Report?

A credit report is a document that contains information about a consumer's credit history and a history of borrowed funds. It also contains information on how the consumers pay their bills and how much debt is owed to creditors. Consumer's credit information is reported and stored by three major credit reporting bureaus that have a credit file on you and your credit history. The three credit reporting bureaus are Equifax, Experian and Trans Union.

The three credit reporting bureaus do not share information with each other and only some creditors report all three agencies, but most creditors do not report to all three agencies. Your credit report with each of the bureaus will differ as they all will and might have different information. Therefore if you want to get a complete review of your credit history you will need to get a credit report from each bureau or order what's called a three bureau merged credit report.

Who reports to the credit reporting bureaus? Most mortgage loan servicers, most student loan servicers and major banks all report to the credit bureaus as does most major credit card companies, finance companies and loan companies. Other companies that report are collection agencies and most major retailers that issue store charge cards. Other items that might appear on your credit report are other negative items or liens, such as tax liens, judgments, bankruptcies, child support in default and other that service accounts if they become delinquent or is in default.

Your creditors are not required by law to report your information or payment history to the credit reporting bureaus. The Federal law that regulates credit reporting bureaus is the Fair Credit Reporting Act. It holds credit reporting bureaus and those reporting information to the credit reporting bureaus to report information that is accurate and fair. They must also investigate any information that a consumer disputes in a timely manner and make any corrections, if necessary.

Therefore it is recommended that you order a copy of your credit report from each of the three credit reporting bureaus or get a three bureau merged credit report and make sure that each is accurate and find out which of the three major credit reporting bureaus that your creditors are reporting your information. Reviewing your credit report is important if you are planning to apply for credit in the future. Fixing mistakes found on a credit report can take months to correct, therefore order your credit reports in advance before applying for credit to make sure they are accurate. It's your credit try take care of it and be responsible.

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