Credit Report
Definition of "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 lender that holds the loans it originates in its portfolio rather than selling them. ...
A multi-lender Web site that offered borrowers the capacity to shop among multiple competing lenders. ...
One or more persons who hove signed the note and are equally responsible for repaying the loan. When One Co-Borrower Has Much Better Credit than the Other: A problem that arises frequently ...
The interest rate that is fixed for some specified number of months or years at the beginning of the life of an ARM. ...
USDA loans are a form of government-backed financing for both first-time home buyers and move up buyers looking for a second or third property. These loans have little to do with ...
The method of financing used when a borrower contracts to have a house built, as opposed to purchasing a completed house. Construction can be financed in two ways. One way is to use two ...
A mortgage on which half the monthly payment is paid every two weeks. This results in 26 payments per year, which is the equivalent of 13 monthly payments rather than 12. Because of the ...
Same as term Interest Rate: The rate charged the borrower each period for the loan of money, by custom quoted on an annual basis. A mortgage interest rate is a rate on a loan secured by a ...
The amount the borrower owes at maturity. ...
Have a question or comment?
We're here to help.