What is a Credit Report?A credit report is a document of the history and current status of a borrower's credit standing, and may include indentifying information, credit information, public-records information, recent inquiries and a credit score. This report is used by a prospective lender, to examine a prospective borrower's "credit worthiness". A lender may base their lending decision based on the information provided in this report and this information can affect what type of loan will be offered to the borrower, what the percentage rate will be on the money borrowed, and whether or not the loan will be approved all together. The three main credit reporting companies used in the United States are Equifax, TransUnion, and Experian. You are able to obtain a free credit report from each of these agencies once a year. This report can be obtained through their webiste www.annualcreditreport.com. As part of our ongoing credit education to all of our clients, we strongly urge you to obtain a yearly credit report so you can monitor your credit score as well as items being posted to your credit. It is also important you dispute any inaccurate or incorrect information directly with the credit bureaus. « Previous Question | Back To Questions | Next Question » |
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