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Credit Report
Definition
A credit report is a detailed record of a person's credit history, including loans, credit cards, payment history, and public records.
Explanation
Credit reports are maintained by three major credit bureaus: Equifax, Experian, and TransUnion. They contain personal information, credit accounts, payment history, credit inquiries, and public records like bankruptcies. Under federal law, you can get a free credit report annually from AnnualCreditReport.com.
Reviewing your credit report regularly helps detect errors and identity theft. Correcting errors on your report can improve your credit score.
Example
A credit report shows a $15,000 credit card limit, $4,000 balance, on-time payments for 36 months, and no negative marks like late payments or collections.