A credit report is a record of identifying and bill-paying historical information. Most U.S. citizens, who are over the age of 18, have a credit report. When someone applies for a loan or a credit card, the lender will view of copy of that person's credit report to determine if he is a good candidate to borrow money. The credit bureaus in the United States are Equifax, Experian and TransUnion.
Personal Information
Each credit report contains a person's full name, date of birth, Social Security number, and current and past addresses.
Employment Data
Most credit reports also reflect the person's current and former employers and sometimes include a work telephone number.
Current Accounts
Each account a person currently has, such as a credit card or car loan, is listed on the credit report. If payments are made habitually late, such as 30 days or more, after the due date, this is noted.
Collections
If the person has unpaid parking tickets, library fines, medical bills or other financial obligations, these will be listed in the collections section of a credit report. Lenders consider this negative information.
Inquiries
Each time someone applies for credit, it is noted on the credit report. Having too many of these inquiries for new credit is considered negative by most lenders, as it could mean financial desperation.
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