Define: Credit Report

UK Accounting Glossary

Definition: Credit Report



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Full Definition of Credit Report


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.


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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.

Page URL
https://payrollheaven.com/define/credit-report/
Modern Language Association (MLA):
Credit Report. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 25, 2020 https://payrollheaven.com/define/credit-report/.
Chicago Manual of Style (CMS):
Credit Report. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/credit-report/ (accessed: February 25, 2020).
American Psychological Association (APA):
Credit Report. PayrollHeaven.com. Retrieved February 25, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/credit-report/

Definition Sources


Definitions for Credit Report are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th February 2020.