Understanding my Credit Report

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Report compiled to let lenders know your credit history

Your credit report is compiled to let lenders know your credit history: How much have you borrowed? How have you done paying it back? How many times have you applied for credit? From whom have you sought credit? How much do you currently owe? Are you in default? Have you ever sought bankruptcy protection?

It is one source lenders use to determine, basically, whether lending to you would be a wise decision resulting in full, timely payback. Your credit report lets lenders assess your risk and they might use that to determine what interest rate to charge you.

Understanding your credit report might be intimidating at first glance but it is important to know what you are looking at. Knowing how R2 or I1 affect your credit report is crucial to maintaining your credit history. Checking to make sure that no one has put misinformation into your credit file is also a good idea. Verifying who alleges that you owe money to can clear up potential negative entries before they become a problem.

What is a credit score?

Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers. To learn more

What factors influence your credit score?

Credit-reporting agencies and lenders use a mathematical formula to figure out your credit score and this formula takes into account various factors described in your credit report. To learn more

How long do these factors affect your credit score?

Information that affects your credit score is usually removed from your credit report after a certain period of time. The length of time that information must stay in your report depends on a few factors To learn more

Examples of Credit Report

The examples of credit report and credit score documents shown are based on samples provided by the credit-reporting agencies cited. FCAC has reproduced portions of the samples, adding notes to explain the content of a typical credit report or credit score document. The content of the report examples is fictitious and is provided for information and illustration purposes only.

Sample of Equifax's Credit Report
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Sample of TransUnion's Credit Report

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