What is a credit report?

Your credit report is a snapshot of your financial history.

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When you apply for credit from a bank, a retail store, or any other credit provider, the provider will ask a credit bureau (such as TransUnion) for your credit report. In order to determine your creditworthiness, a lender will filter the information in your credit report through their own criteria, and then decide whether or not to extend credit to you. It’s surprising, therefore, that only 1% of all credit active consumers check their credit reports regularly to ensure that it accurately reflects the way they manage their debt. If you are one of the 99 % who doesn’t know, don’t you think it’s about time you did? The law says you are entitled to a free credit report from each of the credit bureaus every year. Good credit history can be one of your most valuable assets. It can enable you to get credit more easily. To stay in the know about your credit history—and to manage your credit status—review your TransUnion Credit Report. It gives you access to important information provided by your credit providers, and all in a clear, easy-to-read format.

Every credit-active consumer has a credit report that is compiled by credit bureaus like TransUnion from information provided to them on a regular basis from credit providers. Typically, credit providers report data to the credit bureaus approximately every 30 days.

Your credit report also shows any defaults – accounts that are more than three months in arrears and where the credit provider has noted that you are in default. A credit report will also show where and how often you have applied for credit in the past 24-months, as well as any court record information, such as judgments.

Regularly view your credit report to stay informed about your credit status and ensure its accuracy. This will help you manage your credit information and can alert you to signs of potential fraud. Anyone with a credit account or consumer loan should obtain a credit report on a regular basis. TransUnion makes it easy, convenient, and affordable to obtain and manage your credit report.