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Debt and credit

Credit report

A record of how you've borrowed and repaid, kept by credit bureaus and sold to lenders, landlords, insurers and others who decide whether to deal with you.

What It Means

A credit report is a statement of your credit activity and your current credit situation: the accounts you hold, whether you've paid them on time, and where each one stands. Credit bureausCredit bureauA company that collects information about how people use credit and sells it as credit reports; Equifax, Experian and TransUnion are the three nationwide ones. See more, also called credit reporting companies or consumer reporting agencies, build it from what lenders, card companies and other creditors send them. Most people have more than one credit report, because each bureau keeps its own. Lenders read it to decide whether to lend and at what rate, and landlords, insurers and phone, internet and utility companies may read it too.

Try It: Check Your Credit Report Section by Section

Open one of your reports and tick each part once you've read it and found nothing wrong.

Parts checked0
Out of6

Something you can't tick? Write it down. The CFPB says to dispute it in writing with the bureau, with copies of your proof.

How People Say It

  • "I pulled my credit report and there's a card on there I never opened."
  • "The landlord wants to run a credit check."
  • "Did you look at all three reports or just one?"

The Breakdown

A short example. Dana and Luis are about to apply for an apartment. Luis checks one report from one bureau, sees nothing odd, and stops there. The landlord's screening pulls a different bureau's report, and it shows a store cardStore credit cardA credit card offered by a retailer, either usable only at that store or co-branded with a card network, often with store discounts and a higher APR. See more with a late paymentLate paymentA payment that reaches the lender after its due date; on credit reports, one that's 30 days or more past due. See more Luis has never heard of.

Where it goes wrong. Each bureau keeps its own file, built from whatever creditors send it, so an error can sit on one report and not the others. Luis also waited until the week of the application. A dispute takes time: the CFPB says a bureau generally has 30 days to investigate, and five business days after that to tell you the result.

What to watch for

  • Pull all three reports, from Equifax, Experian and TransUnion.
  • Use AnnualCreditReport.com, which the CFPB and FTC name as the only site authorized for the free reports federal law provides.
  • Check a few months before a big application, so a dispute has time to finish.
  • Dispute in writing with the bureau, say what's wrong and why, and include copies of your proof.
  • Contact the company that sent the wrong information too, since fixing an error generally means going to both.

Good to Know

Federal law entitles you to one free report from each nationwide bureau every 12 months, and the FTC confirmed in October 2023 that the three bureaus made free weekly reports at AnnualCreditReport.com permanent. According to the CFPB, a bureau generally must investigate a dispute within 30 days of receiving it; that can be 45 days if you dispute after getting your free annual report, and it can add 15 days if you send new information partway through. A credit report and a credit scoreCredit scoreA three-digit number calculated from your credit report that lenders use to judge how likely you are to repay; common models run from 300 to 850. See more are different things: the score is a number calculated from the report.

FAQ

How often can I get my credit report for free?

Weekly, from each of Equifax, Experian and TransUnion, at AnnualCreditReport.com. The FTC reported in 2023 that the bureaus made this weekly access permanent, on top of the free report every 12 months that federal law requires.

Does checking my own credit report hurt my score?

No. Looking at your own report counts as a soft inquirySoft inquiryA credit check that isn't tied to an application, such as checking your own report or a preapproved offer; it doesn't affect your credit scores. See more, which the bureaus say doesn't affect your credit scores.

How long does it take to fix an error on a credit report?

The CFPB says the bureau generally must investigate within 30 days of getting your dispute and tell you the result within five business days of finishing. It can take up to 45 days in some cases.

Do It in Buhata

Reminders, Bills

Set a Reminder in Buhata to pull one bureau's report each month, rotating through Equifax, Experian and TransUnion.

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Related Terms and Categories

  • Credit bureau

    A company that collects information about how people use credit and sells it as credit reports; Equifax, Experian and TransUnion are the three nationwide ones.

  • Credit score

    A three-digit number calculated from your credit report that lenders use to judge how likely you are to repay; common models run from 300 to 850.

  • Hard inquiry

    A check of your credit report by a lender after you apply for credit; it shows on your report for up to two years and can lower some scores a little.

  • Credit freeze

    A free block you place on your credit report at each bureau so lenders can't read it for a new application until you lift it; also called a security freeze.

  • Payment history

    The record in your credit reports of whether you paid each credit account on time, late or not at all; it's about 35% of a FICO Score.

  • Identity theft

    When someone uses your name, account details or other personal information without permission to open accounts, make charges or commit other fraud.

Debt and credit

Sources

Consumer Financial Protection Bureau, "What is a credit report?"; Federal Trade Commission, "You now have permanent access to free weekly credit reports" (2023); Federal Trade Commission, "Free Credit Reports"; Consumer Financial Protection Bureau, "How do I get a free copy of my credit reports?"; Consumer Financial Protection Bureau, "How do I dispute an error on my credit report?"; Consumer Financial Protection Bureau, "How long does it take to repair an error on a credit report?"

Last updated .