What is a credit report and why is it important?

What is a credit report and why is it important?

A credit report is a detailed record of your credit history, including your borrowing and repayment activities. It's important because lenders use it to assess your creditworthiness when you apply for loans or credit cards.

What information is included in a credit report?

A credit report typically includes your personal information, credit accounts, payment history, credit inquiries, and public records like bankruptcies.

How often should I check my credit report?

You should check your credit report at least once a year to ensure all information is accurate and to monitor for any signs of identity theft.

Can I get a free credit report?

Yes, in the U.S., you can get a free credit report once a year from each of the three major credit bureaus at AnnualCreditReport.com.

What should I do if I find an error on my credit report?

If you find an error, you should dispute it with the credit bureau that issued the report. They are required to investigate and correct any inaccuracies.