Credit report, in simple terms, can be defined as the written form (document) of a customer's credit history. This report is usually prepared by a specialized credit reporting body. To use and analyze a consumer's credit report, Fair Credit Reporting Act procedures and guidelines must be followed.
A credit report includes details of late payments bankruptcy (if there are any). Credit reports also include in-depth information on credit cards (payments), other type of loans including mortgages, the permanent address and employment history. There are three main credit report agencies: Experian, Transunion and Equifax. You are entitled to one free credit report each year from each agency. You can get yours without paying anything or signing up for any service from: www.annualcreditreport.com.