What Is Credit Report?
Credit Report: The record of your borrowing and payment history that credit scores are based on.
A credit report is the record kept by the credit bureaus (Equifax, Experian and TransUnion) of your accounts, balances, payment history, collections and public records. Mortgage lenders pull a "tri-merge" report combining all three.
What it shows
- Credit cards, auto loans, student loans and mortgages, with balances and limits
- Payment history, including late payments up to seven years back
- Collections and charge-offs
- Bankruptcies, and in some cases judgments
- Inquiries from the last two years
Before you apply
Get your free reports at the official annual credit report site and check for errors: wrong balances, accounts that aren't yours, or late payments that were actually on time. Dispute errors with the bureau. Lenders can sometimes run a "rapid rescore" after a correction.
Good to know
Lenders may ask for a letter of explanation for recent inquiries, late payments or collections.