Frequently Asked Questions

A credit report is like your financial report card. It's a comprehensive summary of your borrowing and repayment history, including details about your credit accounts, loans, and payment history. Think of it as your financial fingerprint that lenders use to evaluate your creditworthiness.

Getting your free credit report is easier than you might think! You're entitled to one free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) every 12 months. Simply visit annualcreditreport.com to request your reports online, by phone, or by mail. Stay informed about your financial standing with this valuable resource.

While a credit report is a detailed record of your credit history, a credit score is a numerical representation of that history. Think of it this way: your credit report is the story, and your credit score is the grade. Your credit score is calculated based on the information in your credit report and is used by lenders to assess your credit risk. So, while your credit report provides the full picture, your credit score offers a quick snapshot of your creditworthiness.

Rest assured, checking your own credit report won't harm your credit score. This type of inquiry is known as a "soft inquiry" and has no impact on your credit score whatsoever. It's actually a responsible financial habit to monitor your credit report regularly for accuracy and any signs of potential identity theft or fraud. So, go ahead and check your credit report with confidence!

Negative information such as late payments, bankruptcies, or collections generally stays on your credit report for seven to ten years, depending on the type of information. However, it's essential to note that as time passes, the impact of negative information on your credit score diminishes. With responsible financial habits and timely payments, you can gradually rebuild your credit profile and mitigate the effects of past setbacks.