Credit Report

 "A credit report is a report generated from your credit file (a database maintained by a credit bureau containing your credit history)."

Credit reports are a gold mine of information about consumers

A credit report is a factual record of your credit payment history. It's provided to companies and individuals by credit bureaus usually to grant you credit. The main purpose of a credit report is to help a credit lender  decide whether to grant you credit based upon your credit payment history.

More than 70% people have a credit file. The information in your credit file is obtained directly from the companies you have credit with, as well as from government agencies such as the legal court systems.


Different types of credit reports:

•  Consumer Credit Reports
  
•  Property Manager Credit Reports:
  These reports are basically identical to a typical consumer credit report.
  
•  Employer Credit Reports:
  In addition to the information contained in a consumer credit report, it also include current and previous employment verification; education verification; address verification; Department of Motor Vehicles record check; and criminal records check.
  
• Business Credit Reports:
  Used to determine a business's credit worthiness. These reports include information about the primary business, company background information including company statistics- such as years in business, number of employees, estimated sales, accounts, public records etc. 
  
•  Mortgage Broker Credit Reports:
  Contains consumer credit information nationwide merged from at least two national credit bureau., and includes verified name, address and employment history when available, plus public record, trade lines and inquiry information.
  
  
  
  The credit bureaus make money by gathering your credit information from credit grantors, listing the information in your credit file, selling it to other credit grantors who want to see your credit history before they decide to lend you money. If you have shown any tendency to pay late or to default on paying your financial commitments, many credit grantors' computers are programmed to immediately reject your application.

What information is included in my credit report?

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