Credit Report
Definition and meaning of Credit Report in real estate.
A credit report is a detailed document outlining a consumer's credit history, including credit accounts, payment records, and public financial records.
In more detail
Compiled by credit bureaus, this document acts as a financial report card that lenders review when evaluating loan applications. It lists open and closed credit lines, payment histories, outstanding balances, and inquiries from other lenders. It also contains public records such as bankruptcies, foreclosures, and tax liens.
Home buyers should check their reports regularly to ensure there are no errors that could negatively affect their mortgage application.
Key facts
| Category | Mortgages & Financing |
|---|---|
| Main reporting bureaus | Equifax, Experian, and TransUnion |
| Recommended check frequency | At least once a year |
| Contents | Credit accounts, inquiries, and public records |
Before applying for a mortgage, a buyer requests their credit report to verify that all past credit card payments are shown as on time.
Frequently asked questions
How can a consumer get a copy of their credit report?
Under federal law, consumers can request a free copy of their credit report from each of the three major bureaus annually through a centralized website.
What should a buyer do if they find an error on their credit report?
The buyer should file a dispute with the credit bureau and the creditor that reported the incorrect information to have it corrected.
Who else besides mortgage lenders can view a credit report?
Landlords, auto dealers, insurance companies, and some employers may request permission to view a report to assess financial responsibility.
Related terms
Sources & references
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