Credit Report

A Credit Report is a historical picture of your credit history, or payment patterns, for credit cards, mortgages, and other loans. Credit reports also include personal information such as your name, home address, birth date, and Social Security number. These reports also include data such as previous addresses, employment history, as well as public records such as bankruptcies, tax liens, or judgments against you.

Lenders modify the terms and conditions of a loan based on the credit information they find in credit reports.  Prior to seeking a large loan for an automobile or home, it is advisable to make sure your credit report is accurate.  The three major consumer credit reporting agencies are:

• Equifax
• TransUnion
• Experian

Each reporting agency has developed a credit score, which is used to measure the relative credit risk of individuals.