Credit Report
CreditGlossary term
Definition
A detailed record of your credit history maintained by credit bureaus, including your accounts, payment history, balances, and any public records like bankruptcies. Lenders, landlords, and sometimes employers review your credit report to assess your financial reliability. You are entitled to one free credit report per year from each of the three major bureaus through AnnualCreditReport.com.
Related terms
- Credit BureauA company that collects and maintains your credit information, then sells it to lenders and other authorized parties as credit reports. The three major credit bureaus in the United States are Equifax, Experian, and TransUnion. Each bureau may have slightly different information, which is why your credit scores can vary between them.
- FICO ScoreA credit score developed by the Fair Isaac Corporation, ranging from 300 to 850, that lenders use to evaluate your creditworthiness. It is calculated based on five factors: payment history, amounts owed, length of credit history, new credit, and credit mix. A higher FICO Score generally means better loan terms and lower interest rates.
- Fair Credit Reporting Act (FCRA)A federal law enacted in 1970 that regulates how consumer credit information is collected, shared, and used by credit bureaus and other entities. The FCRA gives you the right to access your credit report, dispute inaccurate information, and be notified when your credit report is used against you. It also requires credit bureaus to investigate disputes within 30 days and remove information that cannot be verified.
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