Credit Report

A credit report is a statement of your credit activity and current credit situation. The Consumer Financial Protection Bureau describes it as including information such as your loan payment history and the status of your credit accounts. Lenders, landlords, insurers, and some employers use credit reports to make decisions about you, and credit scores are calculated from them.

The three nationwide credit bureaus are Equifax, Experian, and TransUnion. The FTC says all three bureaus have permanently extended a program that lets you check your credit report from each once a week for free at AnnualCreditReport.com, the only site authorized to fill orders for the free reports federal law guarantees.

Credit reports are governed by the Fair Credit Reporting Act, which requires bureaus to follow reasonable procedures to ensure accuracy and to investigate disputes. Under 15 U.S.C. 1681c, most negative information such as late payments and collections cannot be reported after seven years, and bankruptcies after 10 years. When bureaus or the companies that furnish data get it wrong, consumers can sue. Common problems include mixed files (another person's information on your report), accounts discharged in bankruptcy still showing as owed, and debts that were paid or never yours.

Check your reports regularly and dispute errors in writing with both the bureau and the company that reported the data. Our guide on how to dispute a credit report error walks through the process, and the credit report errors lawsuit page and FCRA guide explain when errors become legal claims.