Money Management: Credit Scores & Reports

What information is on my credit report?

Credit reports show your personal financial information, including:

• Bill payment history
• Loans
• Current debt
• Bankruptcy history
• Lawsuit records

What is a credit score?

Your credit score is not the same as a credit report! It's is a number between 0-800 that lets credits know, at a glace, how likely you are to repay your debts. It reflects factors like the age and type of credit accounts you have, how much of your available credit you use, and your payment history.Lenders, employers, and landlords look at your credit score as part of their approval process, and a lower score often results in higher interest rates.

Why is it important to check my credit?

Potential lenders generally use only one of the three credit agencies to obtain your credit score, and it's impossible to know which one, so it is a good idea to obtain a copy of your credit report every year to make sure the report is accurate, and to look for any signs of identity theft (such as a line of credit opened in your name that you do not recognize).

What should I do if I spot an error in my credit report?

You can and should contact the credit agency regarding the error and request that any misinformation be removed. The agencies are diligent in making sure every report is as accurate as possible. You generally only need to provide information that was missing or incorrect on your application for a free credit report.

If you are unable to resolve your dispute with the agency, file a complaint to the Consumer Financial Protection Bureau online or by phone at 1-855-411-2372.