What is a credit report?

Your credit report is a history of your loan and credit card use, applications for credit, address, employment and public records going back 7-10 years.

It is updated regularly by banks, credit card companies, merchants and other businesess. Credit reports are generated by three credit bureaus – Equifax, Experian and TransUnion.

Each of these companies keep electronic records of your payments, late payments, missed payments and more.

Your credit report is critically important to your future borrowing power. So it's very important for you to check your credit reports and credit scores regularly.

Problems on your credit reports can cause you to have to pay higher interest rates and fees.