Credit Report
A credit report is a detailed record of an individual’s credit history. It is used by lenders to assess an individual’s creditworthiness and to determine whether they are eligible for a loan or other type of credit. Credit reports contain information such as payment history, current and past debts, and any public records such as bankruptcies or judgments. Credit reports are compiled by credit bureaus, which are companies that collect and store information about individuals’ credit histories.
History of Credit Reports
Credit reports have been around since the early 1900s. The first credit bureaus were established in the United States in the 1920s. These bureaus collected information from creditors and compiled it into reports that lenders could use to assess an individual’s creditworthiness. Over time, the credit bureaus expanded their services and began offering credit reports to consumers as well. Today, credit reports are used by lenders, employers, landlords, and other organizations to assess an individual’s creditworthiness.
Table of Comparisons
| Credit Report | Credit Score |
|---|---|
| Detailed record of an individual’s credit history | 3-digit number that summarizes an individual’s creditworthiness |
| Compiled by credit bureaus | Calculated by credit bureaus |
| Contains information such as payment history, current and past debts, and public records | Calculated based on an individual’s credit history |
| Used by lenders, employers, landlords, and other organizations | Used by lenders to assess an individual’s creditworthiness |
Summary
A credit report is a detailed record of an individual’s credit history. It is used by lenders, employers, landlords, and other organizations to assess an individual’s creditworthiness. Credit reports are compiled by credit bureaus, which are companies that collect and store information about individuals’ credit histories. For more information about credit reports, visit the websites of the three major credit bureaus: Experian, Equifax, and TransUnion.
See Also
- Credit Score
- Credit Bureau
- Credit Card
- Debt
- Bankruptcy
- Loan
- Interest Rate
- Credit Limit
- Credit Card Statement
- Credit Report Dispute
