What is a credit report?

A credit report is a summary of an individual’s credit history. It includes information regarding an individual’s borrowing habits, such as whether they have paid their bills on time, the amount of credit they have used, and any negative marks such as bankruptcies or defaults. Credit reports are managed by three major credit bureaus: Experian, TransUnion, and Equifax. Credit reports are important because they form the basis of most lending decisions made by banks and other financial institutions. Lenders use credit reports to decide whether or not to offer an individual a loan, as well as the interest rate they will be charged. Landlords and potential employers may also use credit reports to evaluate an individual’s trustworthiness. Under California credit repair law, individuals have the right to dispute inaccurate or outdated information on their credit report and have it removed. Individuals can contact the credit bureau directly to dispute certain items on their credit report and request a correction. In addition, individuals can request a free copy of their credit report from the three major bureaus once a year. This can help individuals stay on top of their credit history and ensure that their credit report is accurate.

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