About Credit Cards
Credit reports provide a detailed record of an individual’s borrowing and repaying history. Lending institutions use these credit reports to determine an individual’s interest rate and borrowing capabilities.
What’s in a credit report?
Credit reports are produced by 3 credit bureaus – Experian, Equifax and TransUnion (also known as credit reporting companies) – and include:
- Personally Identifying Information – your social security number, current and previous addresses and employment history
- A summary of the number and types of accounts and whether they are in good standing
- Payment history for each account
- Details of accounts turned over for collection action
- Information about past bankruptcy or judgments
- Inquiries made by lenders or other institutions about your credit report
If you have found errors in your credit report, there are ways to correct them. Your credit report provides information on correcting errors in your file.
