Credit Report

A credit report typically contains your personal details, a list of credit accounts such as cards, loans and mortgages, the balances and limits on those accounts, and whether payments have been made on time. It can also show public records such as bankruptcies or court judgments, and a list of recent credit applications.

Lenders check your report when you apply for credit. Landlords, insurers and some employers may also look at it, depending on local laws. The information in the report is used to calculate your credit score.

Mistakes in credit reports are fairly common, such as an account that is not yours or a payment wrongly marked as late. Because these errors can affect your ability to borrow, it is wise to check your report regularly. Many countries give people the right to see their report free of charge and to dispute incorrect information.

Negative information does not stay forever. Late payments and defaults usually remain on a report for several years, and their effect fades as more recent, positive history builds up.