This site–maintained by the Federal Reserve Board–provides answers to some of the most common, and most important, questions about credit.
A: A credit report is a record of your credit history that includes information about: A: Your credit report is important because lenders, insurers, employers, and others may obtain your credit report from credit bureaus to assess how you manage financial responsibilities.
A: Credit bureaus may sell the names and addresses of consumers who meet specific credit criteria to creditors or insurers, who must then offer them credit or insurance.
For example, a creditor could request from a credit bureau the names and addresses of consumers who have a credit score of 680 or higher and then offer credit to those consumers.
A: Generally, negative credit information stays on your credit report for seven years.
If you have filed for personal bankruptcy, that fact stays on your report for ten years.
Therefore, if you want a complete view of your credit record at a particular moment, you should examine your report from each bureau at the same time.
If you receive one of these notices, it’s a good idea to get your free credit report and review the information in it right away.
If you think your credit report contains inaccurate or incomplete information, follow the steps in .
Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
Information about criminal convictions may stay on your credit report indefinitely.
Your credit history is important to a lot of people: mortgage lenders, banks, utility companies, prospective employers, and more.