Credit Reports
A credit report is a report of an individual's credit history prepared by a credit bureau and used by a lender to determine whether or not a loan applicant qualifies. Credit reports detail the history and behavioral patterns as they relate to your spending, borrowing and bill paying habits. Institutions such as automobile dealerships and mortgage companies use this to evaluate your risk when you apply for a loan. There are three main credit reporting agencies which store and maintain your credit history, they are Trans Union, Experian and Equifax. A 3 credit report is the most common and recommended credit report because it provides reports from all 3 of these credit bureaus.

Credit reports contain personal information such as your name, current/previous addresses, Social Security number, birth date, and current/previous employers. It contains your account information such as credit limits, loan amounts, balances, monthly payments and payment patterns. It also contains public record data including bankruptcy records, court records, liens, monetary judgments, etc. The number of credit report inquiries obtained is also contained on your report.

If you haven't seen your credit report in several years it's recommended to obtain a copy to check where you stand and make sure all the data is correct. Other reasons to obtain a credit report include, if you are applying for a auto loan, home loan, credit card, mortgage, co-signing a loan, about to rent an apartment, getting divorced, starting your own business and monitor fraud against you.