In detail
A credit report is a compilation of information about a consumer's credit accounts and payment history, assembled by a national credit reporting company. It typically includes identifying information such as name and address, a list of credit accounts with balances and payment status, public records related to finances, and records of inquiries made by lenders or other authorized parties. The three largest national credit reporting companies are Equifax, Experian, and TransUnion, though other smaller companies exist. Credit reports are governed by the federal Fair Credit Reporting Act (FCRA), which sets rules for accuracy, access, and dispute resolution. Consumers may request a free copy of their credit report from each national credit reporting company once every twelve months through the official centralized source. Additional free reports are available in certain situations, such as after a denial of credit or if a consumer is a victim of identity theft. The FCRA also gives consumers the right to dispute inaccurate or incomplete information directly with the credit reporting company. The company must investigate the dispute and correct or delete information that cannot be verified. In some states, the California Consumer Privacy Act (CCPA) as amended by the California Privacy Rights Act (CPRA) provides additional privacy rights. Credit reports are distinct from credit scores, which are numerical summaries calculated from report data. Landlords, employers, and insurers may also review credit reports for permissible purposes under the FCRA. Errors on a credit report can affect loan decisions, so reviewing reports periodically is a common practice. The FCRA requires credit reporting companies to maintain reasonable procedures to ensure maximum possible accuracy of the information they report.