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What Is A Credit Report?
This article is a concise, informative tell-all explaining what exactly a report is, and what that means to you. It will NOT inform you where to get a cheap, or free, report. Rather, this article will explain what types of reports are available, and why they are used.A report is a retelling of your payment history. It can be provided to companies by one of the four bureaus in the U.S. as designated by law. Usually, this information is only shared when is being extended, although this is not always the case. A report is used to tell a potential creditor about your ability to repay your debts, based on past experiences. All reports are hosted in databases housed by the bureaus. If you are one of the 210 million people in the U.S who has a student loan, card, mortgage or another type of loan, then you probably have a file, somewhere. The information gathered to create your file is garnered from the companies with which you have extended to you. Also, the government or legal system may provide information as well. Whenever you apply for more credit, a report is usually created which contains all of this information from one of the four bureaus in the U.S. (Innovex, Experian, Equifax and TransUnion). There are quite a few other, smaller bureaus around the states; however, most granting agencies will only look at information from one of the big four.There are several different kinds of reports that an agency can request about you:- Consumer Reports (what we have discussed most of this article already);- Property Manager Reports: These reports are
used by landlords to determine your history with regards to your rental payments, and are essentially the same report as the consumer report.- Business Reports: These reports are used by agencies to determine if a business is worthy. Information gathered can include company background, number of employees, estimated yearly sales, public records, payment trends and how the company compares to others in the same industry.- Employer Reports: These reports are similar to the consumer reports, but are used in addition, and include such information as employment history, education, criminal records checks, and motor vehicle registration and history.- Mortgage Broker Reports: These reports are quite different than the others, as they bring together information from more than one database at a time. These are used to determine if a client is a good granting risk for a mortgage, and can include information such as your name, living situation, and employment and educational history.Credit bureaus collect information about the people who have credit, and then maintain that information for any reports as discussed above. Although bureaus are not affiliated with the government, they are strictly regulated to protect the privacy of issuers, granters and consumers..
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