What is a credit report?

A credit report is a detailed report of a person’s credit history. It provides information about a person’s accounts and payment history. It also includes information about their current and past debts, including credit cards, loans, mortgages, and other financial accounts. Credit reports are used by lenders and creditors to determine a person’s creditworthiness. Credit reports are maintained by the three major credit bureaus in the U.S.: Experian, Equifax, and TransUnion. When a person applies for credit, the lender pulls a copy of the person’s credit report. This report contains information about the person’s payment history, account balances, and any past collections or bankruptcies. The lender then uses this information to decide if they will extend credit to the person. The Fair Credit Reporting Act (FCRA) is a federal law that governs how credit reports can be used by lenders. Under Washington’s credit card law, it is illegal to use a person’s credit report to discriminate against them in any way. In addition, lenders must follow certain procedures when it comes to credit reporting, such as providing people with a copy of their credit report when they apply for credit.

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