Credit Files

Credit files or report is a summary of how you have handled your credit accounts Credit Files are used by potential lenders and creditors to help them decide whether to offer you credit It’s important to check your credit files regularly to ensure the information is accurate and complete

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What is a Credit Report

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A credit report is a summary of how you have handled credit accounts, including the types of accounts and your payment history, as well as certain other information that’s reported to credit bureaus by your lenders and creditors.

 

Potential creditors and lenders use credit reports as part of their decision-making process to decide whether to extend you credit and at what terms.

 

Others, such as potential employers or landlords, may also access your credit reports to help them decide whether to offer you a job or a lease.

 

Your credit reports may also be reviewed for insurance purposes or if you’re applying for services such as phone, utilities or a mobile phone contract.

For these reasons, it’s important to check your credit reports regularly to ensure the information in them is accurate and complete.

 

The three credit bureaus that provide credit reports nationwide are Equifax, Experian and TransUnion.

 

Your credit reports from each may not be identical, as some lenders and creditors may not report to all three.

 

Some may report to only two, one or none at all.

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