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What is a Credit Report?

Our past articles on credit scores explained and FICO score will give you an insight into what your credit score is, and how bureaus calculate your score. If you are still wondering what a credit score is, then you should check out the articles mentioned before to understand better what is a credit score and FICO score. The three nationwide consumer credit reporting agencies, TransUnion, Experian, Equifax, see a credit score as a three-digit number that is calculated based on the information on your credit report. Your credit report is a summary of your history and track record of paying bills over the last seven to 10 years. It shows open accounts, closed accounts, and all kinds of information used to calculate your credit score. Lenders use your credit score to evaluate the type of terms you can get for different types of credit. These products could be mortgages, insurance, credit cards, and employment. A credit report is what lenders look at when you apply for a loan. With thousands of updates provided daily, credit bureaus collect credit information from banks, courts, credit card issuers, mortgage lenders, and collection agencies. Credit bureaus compile all this information about you to form your credit report, an electronic file based on your previous and current credit history. Lenders can then use your credit report to determine whether you are a qualified or risky candidate for credit. Credit reports change when lenders update your information, or when public records about you are posted. Changes in any of the factors listed here affect the FICO score. Your FICO score is the three-digit number we talked about earlier that you can use to get loans and other credit facilities. A credit report is a history of how a person manages credit. It is what concerned institutions can trust to classify a person as risky or low risk in the fulfillment of a financial obligation.

Parts of  A Credit Report

When you apply for your free annual credit report from, you will receive a document showing a breakdown of your credit history and other information. Let’s explore the content of this section to see what each part of your credit report implies.

Personal information

At the top left corner of your credit report, you will find your personal information, such as your name, address, and social security number. The information on this part of your credit card does not impact your credit score. However, you can protect against identity theft by checking for potential accuracy. Personal information may also include your past addresses and employment history.

Public Information

Your public information is a public record the court collects on your behalf for bankruptcy. The public information section could also be court liens or court judgments against you.

Account History

Your account history shows a collection of no payments, late payments, and payment demands. If you ever have an unpaid bill turned over to a collection agency, this is where you will find them in your credit report. TransUnion defines account history as a statement of account details, including whether you have made timely payments on your credit cards, mortgage, or auto loans. Tradelines are an important part of a credit report. They show information about your various accounts, such as when they were opened, your current balance, and payment history.


There are many types of inquiries, and whenever someone assesses your credit file, your bureau will record an inquiry.  There are several types of inquires, but you will only find inquiries related to a credit application in your credit report. There is an increase in your credit history that occurs as soon as you apply for new credit.

Creditor Contacts

In this section, you have the contact details of all the creditors listed in your credit report.

Consumer Statement

If there is any information you want to send to reviewers of the report, you should attach that to this section. Let’s assume you are a victim of identity theft, or you have a dispute about the information in your credit report. Such information ought to be added to this section before they are sent to new lending agencies for review.

Now you may be wondering how all this information gets into your credit report. Every month, information about your ongoing credit, such as how you pay your debt during the previous billing period, is relayed separately to the three national credit bureaus in the US. That is why you may notice differences in the credit report you get from different bureaus. Many people do not know that they have three credit reports at any given time. The reason for this is that not all credit providers report to all the three agencies. Where they all report to all bureaus, each creditor may also report in different circles.

Some people think that the three national credit reporting companies are the source of credit information. Some think that they are government agencies, and they make recommendations about consumer credit applications. That is not true, TransUnion, Experian, Equifax does not belong to the government. Also, the companies are separate and do not make decisions together. Credit reporting companies exist to receive, compile, and maintain the history that is provided by creditors and lenders. They do not make decisions whether a consumer qualifies for a loan or credit card.

Rapping up

If you have a good credit report in the past six months, your credit report, and by extension, your credit score will be positive. If you need a complete credit report, which includes your FICO score, you may have to pay for it. Credit bureaus charge as low as $10 to $15 for a full credit report and credit score. A credit report is an essential document because they help financial institutions to make a crucial decision about their relationship with clients. When you decide to monitor your account regularly, your credit report will be useful in tracing areas where there could be errors in a transaction. A credit report is such a powerful document. Having one will help you get what you want on time and make the resolution of future credit problems easier. If you need help with filing a dispute on your credit report, our experienced credit repair professional at iconcreditservices will come to your aid. Reach out to us today to start your journey towards an error-free credit report.