What is a Credit Report?

Your credit report summarizes your history of managing debt and certain other financial obligations. Credit reports are maintained by three national consumer credit bureaus (Experian®, TransUnion® and Equifax®), which compile debt and payment data reported voluntarily by lenders.

They’re comprised of:

• Total debt you have today

• Credit accounts you opened in the past

• Your history of repaying debts (on time, late or missed) Sometimes credit reports may also include your history of rent or utility payments, but the number of landlords and utilities that report payment information to the credit bureaus is very small.

Your credit report might surface issues such as:

• Loan defaults

• Car repossession

• Home foreclosure

• Bankruptcy filings

• Collections

Sections of a credit report:

Personal information

Accounts

Inquiries

Public Records

You can order a free copy of your credit report at www.annualcreditreport.com. This is the only source for your free credit reports authorized by federal law. You can request and obtain copies of your credit reports from all three credit bureaus. Please note that there is a nominal fee if you would like to get your credit score from the credit bureaus.

Why to Obtain Your Credit Report:

• Verify your personal identifiable information (name, social security number, address, loans, etc.)

• Verify all other information is correct

• Identify identity theft

Your credit report is important and impacts your mortgage, apartment application, car payment, car insurance, credit card approvals, jobs/employment, and utilities. Having a low credit score can cause credit offer denials, require deposits for utilities and higher monthly payments for home and auto loans as well as insurance.