More For Your Money - University of Illinois Extension
http://MoreForYourMoney.extension.uiuc.edu
What Is a Credit Report?
When you apply for credit, the creditor checks with a credit bureau to learn about your credit history. A credit history, also known as a credit report, shows how you have handled credit. It is a record of all of your credit cards, loans, and other credit obligations that you have had over a period of time. It also contains personal information.
The report gives the creditor information about how you have paid bills, your current unpaid bills, and available credit you have. It contains if you have been sued, arrested, or filed for bankruptcy. It also indicates your work record and where you have lived. The information is collected all the time from many sources that give you credit.
There are three national credit bureaus: Equifax, Experian and TransUnion. They collect information about you and then sell the data in your report to banks, mortgage lenders, credit unions, credit card companies, retail stores, insurance companies, landlords, and employers. Creditors use the data to decide whether to approve your application for a loan, credit card, or housing.
Activity
From the list below, decide which companies might request your credit report. Click the circle with your answer.
