Credit Reports
In
order for credit providers to
offer the right product to a
customer, they have to
determine his or her
creditworthiness. A credit
report is a documented history
of a consumer's credit
behavior. It is a detailed,
up-to-date account of how an
individual uses credit and his
or her repayment patterns.
When someone applies for a
loan or credit card, the
issuer may "pull" the
applicant's credit report. The
credit bureau information is
compiled by independent
companies called credit
bureaus, which will provide
you with a copy of your report
for a nominal fee. The three
largest U.S. credit bureaus
are
Equifax,
Experian
and
TransUnion.
