Credit Report
A credit report contains detailed information regarding the relationship history of an individual with several financial institutions.
How do I get a Credit Report?
You ask a credit bureau. There are several around – especially ever since the world became so digital.
How much does a Credit Report cost?
It depends on the credit bureau reporting, but, by law, they cannot charge more than $12 for it. When they do, it usually is in a form of a "bundle", providing you with other services.
Can I get a free credit report?
Yes. Everyone is allowed to ask for a free credit report once every 12 months to one of the 3 nationwide credit bureaus. Call the Annual Credit Report Request Service at 1-877-322-8228 for more information.
You can also request an additional free credit report if:
- You’ve just been a victim of fraud or identity theft
- You are currently receiving public welfare assistance
- You are currently unemployed (willing to apply for employment within the next 60 days)
- Your credit history was the alleged reason for the denial of an insurance policy, or for the loss of an employment opportunity or even for the denial of a credit expansion
What’s in a credit report?
It can vary from agency to agency, but typically it contains personal information like Social Security number, current and past address(es), employment history, financial information like bill payment history, loans, current debt and even criminal history. Lastly, it also shows all the companies that have requested the individual’s file and the date those requests were made.
Why does it exist?
Its main function is to help lenders decide if they will approve a loan for a specific individual. In case they do, it acts as the basis to determine the interest rates they will charge for the loan. It also serves as a way to prospective insurers, employers and rental property owners to get a better feel regarding that individual’s payment history/financial responsibilities.
Real Estate Tips
Look for more terms on our Glossary and improve your language score!
Or access The OFFICIAL Real Estate Agent Directory® and let an agent go through all the hassle on your behalf.
Popular Mortgage Terms
Employees of lenders or mortgage brokers who find borrowers, sell and counsel them, and take applications. Loan officers employed by mortgage brokers may also be involved in loan ...
Fixed rate Mortgage is a type of loan that maintains a specified interest rate for the lifetime (or maturity) of the mortgage.According to the Federal National Mortgage Association, ...
Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
The interest rate used to calculate the mortgage payment. The interest rate and the payment rate are often the same, but they need not be. They must be the same if the payment is fully ...
Total costs charged to the borrower that must be paid at closing, by the borrower, the home seller, or the lender. In dealing directly with a lender, settlement costs can be divided into ...
The period you must retain a mortgage in order for it to be profitable to pay points to reduce the rate. ...
Inserting provisions into a loan contract that severely disadvantage the borrower, without the borrowers knowledge, and sometimes despite oral assurances to the contrary. Prepayment ...
Often referred to as a “second mortgage”, a home equity loan is a type of loan where the borrower disposes to the lender its equity to the home as collateral. To ...
A request for a loan that includes the information about the potential borrower, the property and the requested loan that the solicited lender needs to make a decision. In a narrower sense, ...
Have a question or comment?
We're here to help.