Business, Legal & Accounting Glossary
An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don’t belong to you, incorrect account status or information reported that is older than seven years (ten years in the case of a bankruptcy).
A credit report is a detailed synopsis of information collected about an individual by one of the major credit bureaus. A credit report contains identifying information, nature and payment history of current and past accounts, employment history, a credit score, and other pertinent information such as arrests, lawsuits, and judgements. Anyone who applies for a job or credit in the US has a credit report. By law, credit report users must have the individual’s written consent to obtain the credit report. The Fair Credit Reporting Act (FCRA) regulates practices of credit reporting agencies and credit report users. For instance, the FCRA requires the user to tell the individual which report was used to make a credit decision. The more recent Fair and Accurate Credit Transactions Act (FACTA) further obligates credit bureaus to provide a free copy of the individual’s credit report upon request, as often as every twelve months. Otherwise, a credit report can be obtained for a fee.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Credit Report are sourced/syndicated and enhanced from:
This glossary post was last updated: 22nd April, 2020 | 0 Views.