What is a credit report?

Think of your credit report as your detailed financial history. If you have ever applied for a loan or a credit card, then details of this are contained in your credit file - along with information about how you have been re-paying these loans and whether you have any late payments or judgements against you.
What is in a credit report?
Background Information Basic identifying information about you - your name, past and present address, social security number, date of birth and past and present employers. What is not in your credit report? Information on race, ethnicity or sexual orientation

Credit Information Details of each account, including company name, account number and who is on the account, date opened, date of last activity,including closed accounts, type of account and status (ie. any late payments - typically any 30, 60 or 90 days past due), loan balance or credit amount.

Public Records and Collection Accounts Information on whether you have any bankruptcies, foreclosures, judgements or liens on file. Public record information and missed payments stay on your report for seven years, bankruptcies stay for ten years and unpaid tax liens stay forever (actually fifteen years, but it feels like forever!)

Inquiries A list of companies that have requested your credit file. PRM- promotional inquiries in which only your name and address were given to a credit grantor so you could be solicited with an offer such as a credit card, are not reported to businesses. Click here for information on how to stop annoying, unsolicited mail.
Who's accessing your credit report?
The answer to who all can access your credit file may surprise you. Most people understand that if you apply for a loan (think mortgage or auto-loan) or apply to take out a credit card, then the credit lending institution is going to check your credit report and your credit score to help them determine their risk in lending you money. However, a credit reporting agency may provide a copy of your file when the request relates not only to the extension of credit or collection of a debt, but for housing rental, an application for employment or for insurance purposes. A 2001 study by Conning and Co. showed that as many as 92% of the 100 largest auto insurers use credit information to underwrite new loans, and that 52% used this info. not only to decide whether to insure you but at what rate! This is another good reason for checking your credit report regularly and making sure that your credit score is as high as it can be in order to receive the best possible rates.

Potential Employers at least have to ask you before they check your credit. And if they deny you employment based on what's in your credit report, they have to tell you this, and inform you which credit bureau they used.

Click here for more information on how to access your credit report

The Fair Credit Reporting Act of 1997 has more information on who may access your report. Click here