Your credit report
contains your credit history. It
includes all of your loan and credit
card accounts and details specific
account information, such as the date
opened, credit limit or loan amount,
balance and monthly payment. It also
includes late payments, bankruptcies,
liens, and collection agency attempts to
collect past dues amounts.
It's important to
maintain a good credit history.
(Financial experts advise to check your
credit report once a year for
inaccuracies.) A good credit history
means you're eligible for the best
rates, whereas a poor credit history
subjects you to higher rates and
possibly being turned down for credit.
A credit bureau (also
called a credit reporting agency)
gathers, maintains, and sells
information about your credit history.
It collects information about your
payment habits from banks, savings and
loans, credit unions, finance companies,
and retailers. That information is
gathered into credit reports that are
used by creditors or lenders.
