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
A document that evidences a debt and a promise to repay. A mortgage loan transaction always includes a note evidencing the debt, and a mortgage evidencing the lien on the property. ...
Mortgages typically amortize over time through fixed value installment payments. However, there's a type of mortgage that doesn't: the Balloon Mortgage. It's called this way because, with ...
A sale price below market value, where the difference is a gift from the sellers to the buyers. Such gifts are usually between family members. Lenders will usually allow the gift to count ...
A borrower, usually refinancing rather than purchasing a home, who allows a lock to expire when interest rates go down in order to lock again at the lower rate. ...
A lender who delivers loans to another (usually larger) lender against prior price commitments the larger lender has made to the correspondent. Mortgage brokers sometimes evolve into ...
A mortgage Web site that shows mortgage prices posted by participating lenders, in some cases hundreds of them. ...
The process of raising cash periodically through successive cash-out refinancings. This is a scam initiated by mortgage brokers that victimizes wholesale lenders, with the connivance of ...
A home built entirely in a factory, transported to a site, and installed there. Manufactured homes are distinguished from 'modular,' 'panelized'' and 'pre-cut' homes. Manufactured houses ...
A mortgage on which half the monthly payment is paid twice a month. It should be called a 'semi-monthly mortgage' but market practice often trumps logic. In contrast to a biweekly, a ...
Have a question or comment?
We're here to help.