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What Is a Credit Report?

You’ve heard other people talk about it, and you know it is important. But, what is a credit report? Put simply, your credit report is what lenders look at when deciding whether or not to approve you for a new credit card or other loan application. A good credit report can get you better credit card APRs or car loan rates. On the other hand, a bad credit report can also cause you a lot of problems.

There are three major credit agencies: Equifax, Experian, and TransUnion. These agencies, or "credit bureaus," collect and report information about your financial habits and put this information into a credit report. Your credit report typically includes:

  1. Your name

  2. Your Social Security number

  3. Your current and previous addresses

  4. Information about your current and past loans

  5. Your public record information (bankruptcies, court judgments, liens)

  6. A list of companies that have reviewed your credit

Your credit report demonstrates to potential lenders how you handle debt and helps them to determine whether or not you are a good candidate to lend money to. That is why it is important to look at your credit report once a year. This way, if there are any mistakes or problems, you can resolve them with the credit bureau before applying for a new loan.

You can visit any of the three aforementioned credit agencies’ Websites to purchase a copy of your credit report.

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