Business and Personal Finance Dictionary

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• CREDIT REPORT
  
  A credit report is a summary of your financial history which potential lenders use to help them evaluate whether you are a good credit risk and the likelihood that you will default on a loan. The three major agencies Experian, Equifax, and Transunion collect certain types of information about you, primarily your use of credit and information in the public record, to create these records and sell that information to qualified recipients. You have a right to see your credit history if you have been turned down for a loan. You may also question any information the credit reporting agency has about you and ask that errors be corrected. If the information isn't changed following your request, you have the right to attach a comment or explanation, which must be sent out with future reports.
  
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