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
The minimum allowable ratio of down payment to sale price on any loan program. If the minimum is 10%, for example, it means that you must make a down payment of at least $10,000 on a ...
Every ARM is tied to an interest rate index. An index has three relevant features:availibility, level, volatility. All the common ARM indexes are readily available from a published source, ...
A particular computerized system for doing automated underwriting. Mortgage insurers and some large lenders have developed such systems, but the most widely used are Fannie Mae's 'Desktop ...
Interest that is earned but not paid, adding to the amount owed. For example, if the monthly interest due on a loan is $600 and the borrower pays only $500, $100 is added to the amount owed ...
A borrower who submits applications through two loan providers, usually mortgage brokers, without their knowledge. Home purchasers sometimes submit more than one loan application as a way ...
Inserting provisions into a loan contract that severely disadvantage the borrower, without the borrowers knowledge, and sometimes despite oral assurances to the contrary. Prepayment ...
Markets in which mortgages or mortgage-backed securities are bought and sold. 'Whole Loan' Markets Versus Securities Markets: Secondary mortgage markets are of two general types. 'Whole ...
All the combinations of interest rate and points that are offered on a particular loan program. On an ARM, rates and points may also vary with the margin and interest rate maximum. ...
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.