Consumer Credit Reports

If you have ever applied for a credit card, a consumer loan, car loan, or a line of credit to make some other large purchase, then you have probably had your credit report reviewed by the credit card company, bank, lender or other financial institution.

If your credit report says that you do not pay your bills on time, or that you have a lot of debt, you risk that you may not get that loan. They could also say that you may get it, but re-payment will hurt you more - as they will ask you, to pay a higher interest rate.

Because it can have such an impact on your personal finances and your life, you should make sure that your credit report is accurate and that you understand how it affects the credit you can get.

A credit report is an accumulation of information about how you pay your bills and repay loans, how much credit you have available, your credit cards debt, what your other monthly debts are, and other types of information that can help a potential lender decide whether you are a good credit risk or a bad credit risk.

There is example of credit report on the right picture.

You have to be aware that the credit report itself does not say whether you are a good or bad credit risk borrower. The report provides lenders with the detailed data to make the credit decision themselves.

Credit Bureaus

Credit bureaus, also known as credit reporting agencies (CRAs), collect such personal financial information from merchants, lenders, banks, service companies, financial institutions, etc., and then sell the report to businesses so they can evaluate your application for credit.

Lenders make their decisions based on various and different criteria, so having all of the information included in the credit report, helps them ensure that they are making the right decision.
There are three major credit bureaus called Equifax, Experian and TransUnion.

Check Credit Report Regularly

All Americans are entitled by law to a free copy of their credit report from each of the main three credit reporting agencies mentioned above, once every 12 months (annually). By saying the "annual" above isn't mean a calendar year term, but a 12-month time frame. If you ask for one report in June of this year, for example, you can ask for next free one in June of next year.

If you want to monitor your credit reports on regular basis, it could be wise to spread your requests over a four-month period, asking for a different report each time from different main credit bureau.
When you check your credit report, please especially take attention to any adverse information that could be evidence of fraud, identity theft or a related crime, such as credit card number skimming.

Please note that a credit report is not your real personal credit score figure. The FICO score used by creditors is the proprietary property of the reporting agency and is not available free. The majority of reporting bureaus developed their own scores that are different from the FICO score.
If you want to see your real score figure (as seen by your creditors, when you apply for a car loan, mortgage, etc.), you should ask for it. Probably, you will have to agree for paid monitoring service or other service, to get your real FICO score.

Major Credit Report Companies

EQUIFAX is one of the main credit bureaus as well as a well-respected and established provider of consumer credit services. Equifax provides consumers with a wide range of credit monitoring services, including plan for consumers who are looking to monitor their credit score or who simply want to receive access to their credit reports and scores.

myFICO offers consumers access to FICO scores, credit reports, and credit monitoring services with a wide range of options available to help consumers access to their credit history and manage their credit rating.

CREDIT REPORT.COM provides consumers with access to their free credit report and credit score as well as credit report monitoring. Their modern credit score tracking services will alert consumers in any changes in their credit reports and credit score.

CREDIT REPORTING.COM provides 3-bureau credit reports, either with or without credit scores. They offer a convenient and quick way for consumers to receive full access to their credit information and their reports are available for immediate online access.

CREDIT REPORTS AND SCORES.COM provides consumers with instant and detailed reports on their credit history.

FREE CREDIT REPORT.COM is a leading provider of online consumer credit reports, credit scores, credit monitoring, and other credit-related information. FreeCreditReport.com is a part of the Experian® family and offers innovative products to help consumers better understand their credit.