A credit record or report is a list of your financial activities involving loans and your repayment of them. The report also lists any actions of creditors against you because of nonpayment.
CRAs
Consumer reporting agencies--Expedia, Experian and TransUnion--collect and sell credit reports to a list of allowed viewers.
Sources of Information
CRAs obtain your credit information from your past and present creditors, including banks and credit card issuers, such as Visa and department stores.
Allowed Viewers
Prospective employers, insurers, creditors, institutional lenders and selected government agencies are among those who can request and view your credit report.
Information on Your Report
Typically your report lists identifying information (full name, known aliases, past and present addresses and employers, social security number), credit information (accounts with creditors, loan amounts, any cosigners, payment record for the past two years), public record information (tax liens, bankruptcy, and monetary judgments from state and county court records), recent inquiries (who obtained copies of your report over the past year).
Credit Rating
Your report determines your credit rating, which affects your ability to get future loans and make important purchases.
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