What Is a Credit Report?

One of the first questions people should ask is what exactly is a credit report? Won't answer that you first need to understand that there are credit reporting agencies that some people call them credit bureaus that actually create or maintain your credit report so a credit report is something that's created by credit reporting agency. 

In this report it is a combination of numerous businesses information on you. It includes your social security number include your date of birth and includes the places that you've lived in the last several years and includes the job that you've had.

Most importantly it includes a list of all open Credit files that you have. In those files that will include the amount of money that you owe the amount of your payments and your payment history by month. Many times the payment history will go back for years.

Your credit report will also include many of your old closed accounts. This will include things that you've paid off and they're no longer reporting. This include things that were charged off after certain. Of time. 

                          Negative Item

                                      Missed Payment


  Damage to Credit Score

   +100 points off your score

   +240 points off your score

Your credit report will also include any accounts that are derogatory or not in good standing. This will include accounts that are held by debt collectors generally. Because this information is compiled from many sources it is very common to have one or more errors in your credit report.

If you find such an error, it is your responsibility to notify the credit reporting agencies of the error. 

On this website we have included numerous articles about how to dispute your credit report and what to look for in your credit report, and the most common errors that you may find.

Did You Know?

Did you know that one bank alone can make well over $50,000 more in profit off of your mortgage if you have an error on your credit report AND at that at the exact same time, they are the ones paying the credit reporting agencies tons of money? 

Can you now see why the system is broken? 

Joseph McClelland

Joseph McClelland is a husband and trial lawyer. Graduate of Loyola University New Orleans School of Law. He currently practices Fair Credit Reporting Act, Telephone Consumer Act, and the Fair Debt Collection Practices Act litigation. Earned the designation of Advocate by the National Institute of Trial Advocacy.

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About the Author

Consumer Attorney that fights big businesses on your behalf. Started his career in international human rights before eventually finding his true calling in consumer protection law. He is a husband and trial lawyer. Most of his work involves credit reporting errors, robocalls, and identity theft. His law practice is in the Atlanta/Decatur area.