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
In connection with a home, the value of the home less the balance of outstanding mortgage loans on the home. ...
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
Acceleration Clause is a contractual provision inserted in a mortgage, a bond, a deed of trust or other credit vehicles, that gives the lender the right to demand repayment of the ...
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 borrower with the best credit rating, deserving of the lowest prices that lenders offer. ...
The amount of interest, expressed in dollars, computed by multiplying the loan balance at the end of the preceding period times the annual interest rate divided by the interest accrual ...
Protection for a borrower against the danger that rates will rise between the time the borrower applies for a loan and the time the loan closes. Rate protection can take the form of a ...
Trying to find the best deal on a mortgage. It isn't easy to do right, as a summary of the major steps involved will demonstrate. Step 1: Decide if you are a potential shopper. Step 2: ...
The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and ...
Have a question or comment?
We're here to help.