What is a credit report?

Your coaches introduce the lesson.

MichaelThe complete written version of your credit history is called your credit report.

 

LuisYou can review your own credit report, and we’ll explain how in just a minute. But keep in mind that you give others permission to look at your credit report when you do things like fill out a credit card application or apply to rent an apartment.

MichaelThat’s right. Many landlords do a credit check before deciding whether to rent to you. They look at your past credit history to decide if they can count on you to pay your rent. And some lenders study your credit report in order to decide whether or not to offer you credit.

LuisNot only that, employers often check the credit rating of prospective employees. If you have a good credit rating it shows them that you’re responsible — and more likely to be responsible on the job, too.

MichaelYou should review your credit report at least once a year to check for errors or fraud — also before making a big purchase like a house or a car. So how can you get a copy of your own credit report?

Review these key points about credit reports:

  • Credit report = written history
  • Credit bureaus maintain data
  • You can request it
  • Others can request it
  • Lenders and landlords use it

 
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