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Credit reports can be a confusing topic. This credit report guide will show you how credit reports work, the different types of credit reports and credit scores, and what to do if you want to improve your credit score or lower your risk of identity theft. It also includes information on credit freezes and how they can help protect against fraud.

What is a Credit Report?

Your credit report is a history of your credit use and credit payments. It includes credit accounts that you have had in the past and any loans that you have taken out. Your credit report also includes information about how you have repaid your debts. Lenders use your credit report to decide whether to give you a loan or credit card and what interest rate to charge you. A credit score will fall somewhere between 300 and 850. The credit bureaus (Equifax, Experian, and TransUnion) create credit reports for your credit score which is used by credit grantors (lenders) to determine creditworthiness. These scores are typically different from the FICO credit scores that are most commonly used in lending decisions. Want to know more about what makes up a credit report? Check out this article to learn more. (link to what is a credit report article – NEW)

How Can I Get My Credit Report

CreditAssociates is now offering a free credit report. This credit report can play a pivotal role in helping you reduce your debt by almost half. The credit score and credit report provided by CreditAssociates is instant, and it doesn’t require any credit card information. In addition, CreditAssociates provides a free debt reduction plan that can help people get a better understanding of their credit situation and start taking corrective measures.

Types of Credit Reports

There are three main credit reporting agencies—Equifax, Experian, and TransUnion—that compile credit reports. These credit reports are used to create your credit score, which is a numerical representation of your credit risk. Your credit score is used by lenders to decide whether to give you a loan or credit card and at what interest rate. There are three types of credit reports: personal, business, and tenant. Personal credit reports contain information about your credit history and credit use. Business credit reports contain information about the credit history of a business and the business owners. Tenant credit reports contain information about rental history and whether you have paid rent on time.

Does an Eviction Go on Your Credit Report?

An eviction can stay on your credit report for up to seven years. It is important to keep track of your credit score and credit reports so that you can be proactive about removing any negative information. Get additional information about how an eviction can affect your credit score and credit reports. (link to Does an Eviction Go On Your Credit Report? article – NEW)

What is a Good Credit Score?

Unfortunately, there is no definitive answer to this question. A good credit score will depend on your credit history and credit use. Generally, a credit score of 700 or higher is considered to be a good credit score. This means that you are a low-risk borrower and are likely to receive favorable interest rates on loans and credit cards.

Credit Report Dispute Letter

When you dispute credit report information, you are asking the credit reporting company to investigate the information that is on your credit report. This process can take some time, so it is important to be patient. The credit reporting company will contact the credit bureau or bureaus that provided the information and ask them to verify the data. The credit bureau or bureaus will then reach out to the company that reported the information to get their side of the story. After all of this data is collected, the credit reporting company will make a decision about whether to remove the information from your credit report.

To dispute your credit report information, you will need to send a credit report dispute letter to the credit reporting company. This letter should include your full name, credit report information that you are disputing, and any proof that supports your credit dispute.

How to Remove Negative Items from a Credit Report Yourself

If you have negative items on your credit report, you may be able to remove them yourself by contacting the company through what is called a goodwill deletion letter. This letter will allow you to ask the credit reporting company to remove the item because it is incorrect or no longer relevant. In the letter, you may also want to include documentation that backs up your claims. For example, if you are disputing an inaccurate outstanding balance, you should include copies of documents showing that a credit card payment has been made. Check out this article to learn more about removing negative items from your credit reports. (link to How To Remove Negative Items From Credit Report Yourself Article – NEW)

How You Can Remove Closed Accounts from A Credit Report

Removing closed accounts from your credit report will be a similar process to removing any negative items. You will want to get in touch with the credit bureaus about removing these credit accounts. Usually, credit reporting agencies are willing to remove closed credit account information upon request, but it can depend on if the credit bureaus perceive that you are in financial distress. Check out this article for more information about removing closed credit accounts from your credit reports. (link to How Can You Remove Closed Accounts From Credit Report? article – NEW)

Credit Report Freeze

A credit report freeze is when you ask the credit reporting agencies to stop releasing your credit report to lenders. This can be a helpful way to protect your credit score if you are concerned about identity theft or fraud. When you have a credit report freeze in place, potential lenders will not be able to access your credit report, which means they will not be able to give you a loan or credit card.

Credit Score Monitoring

Credit score monitoring is important to do on a regular basis. This is because your credit score can change over time, and you want to be sure that the credit score that lenders are seeing is accurate. Credit score monitoring services will alert you when there are changes to your credit report, so you can take action if necessary.

There are a few different ways to monitor your credit score. One way is to use a credit score–monitoring service. These services will track your credit score for you and send you alerts when there are changes to your credit report. Another way to monitor your credit score is to use a credit-monitoring app or website. These apps and websites will allow you to view your credit score for free, so you can track any changes over time.

Common Questions About Credit Reports:

What shows on a credit report?

The credit report will include information about credit card balances, credit limits, credit defaults and collections, inquiries (when they were made), new credit accounts that were opened, and any action you have taken to rehabilitate your credit, like contacting a previous creditor or making payments on an account.

Can anyone get my credit report?

Credit reporting agencies are allowed to give credit reports to creditors, employers, landlords, and others who have a legitimate business need for the information. They are not allowed to give credit reports to just anyone who asks for them.

Can I sue for an unauthorized credit check?

It is possible to sue someone if they wrongfully pulled your credit report. If you can prove that someone accessed your credit report without your permission, you may be able to sue them for damages. This includes any emotional distress or financial losses you may have suffered as a result of the unauthorized credit check.