What is a credit report, and what does it include?

A credit report is a summary of how you have handled credit accounts, including the types of accounts and your payment history, as well as certain other information that’s reported to credit bureaus by your lenders and creditors.

Potential creditors and lenders use credit reports as part of their decision-making process to decide whether to extend you credit — and at what terms. Others, such as potential employers or landlords, may also access your credit reports to help them decide whether to offer you a job or a lease. Your credit reports may also be reviewed for insurance purposes or if you’re applying for services such as phone, utilities or a mobile phone contract.

For these reasons, it’s important to check your credit reports regularly to ensure the information in them is accurate and complete.

The two credit bureaus that provide credit reports nationwide are Equifax and TransUnion. Your credit reports from each may not be identical, as some lenders and creditors may not report to both. Some may report to only two, one or none at all.