What is a credit report?
A credit report is a document that contains information about your credit history. It is maintained by the three major credit bureaus (Equifax, Experian, and TransUnion) and is used by lenders to determine your creditworthiness. This report includes information about your past and present credit accounts, such as credit cards, mortgages, auto loans, and other types of loans. It also lists your payment history, including whether or not you make your payments on time and for how much each month. The credit report is also used to determine your credit score, which is used to determine if you are eligible for certain types of loans or lines of credit. In Maryland, credit reports can be requested for free once per year. Additionally, the Fair Credit Reporting Act ensures that any inaccurate information can be disputed and corrected.
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