What a credit report is

Resources · Debt basics · 5 min read Starting out

Key points

• A credit report is a record of how you’ve borrowed and how you’ve paid it back.
• Credit reporting agencies collect it. Lenders and some others can see it if they have a valid reason.
• It isn’t your credit score, though scores are worked out from it.
• You can usually see your own report, and checking it for mistakes is time well spent.

The basic idea

When you ask to borrow money, a lender wants to know how you’ve handled credit before. Your credit report is how they find out. It’s a file of your accounts and how you’ve repaid them over time.

Most countries with a consumer credit system have some version of this, but the details differ. Some have one main credit bureau. Others have several. Agencies such as Equifax, Experian and TransUnion operate in several countries, and there are plenty of national and regional agencies as well.

So you may have more than one report. And they won’t always match.

What’s usually on a credit report

It depends on the country. Most reports start with your personal details: your name, date of birth, and the addresses you live at now and lived at before.

Then come your credit accounts. Cards, loans, home loans, and sometimes phone or utility accounts, each with a limit (how much you can borrow) and a balance (how much you owe).

The part lenders tend to look at hardest is your repayment history. Were payments made on time, late, or not at all? The report also logs each time you’ve applied for credit, which you might see called enquiries or searches.

Last comes the serious stuff. Defaults, court judgements, insolvency or bankruptcy can all show up, depending on where you live.

Some countries mostly record the bad news, like defaults. Others record the good as well, including every on-time payment. How long each item stays on your report also depends on where you live.

What’s usually not on it

Your income isn’t there. Neither are your savings or investments, or what you spend at the shops each week. Personal characteristics such as religion, ethnicity or medical history are generally left off too.

The exact rules are local. But a report is about borrowing and repaying. It isn’t a picture of your whole financial life.

Credit report vs credit score

People mix these two up all the time.

A credit report is the detailed record itself. A credit score is a number calculated from that record, built to sum it up at a glance.

Different scoring systems can give different numbers from the same report. Some countries don’t use well-known consumer scores at all, and lenders make their own judgement straight from the report. There’s more in the article on how credit scores work.

Who can see your report

Not just anyone. Access is usually limited to people and organisations with a legitimate reason. That commonly means a lender looking at an application you’ve made, or one you already have an account with. In some countries landlords, utility providers or employers can look too, often only with your permission.

And you can see it, of course.

Who can look, and whether they need your consent, differs by country.

Checking your own report

Most systems give you a way to see your own report. The process varies, so the official consumer or financial regulator website in your country is a reliable place to find out how it works where you live. Be wary of services that charge for something you may be able to get free.

When you have it in front of you, go through it slowly. Look for:

• accounts you don’t recognise (these could be errors, or a sign of identity theft)
• wrong balances or limits
• payments marked late that you made on time
• old addresses or details that aren’t yours

Found a mistake? The agency that holds the report usually has a process for disputing it, and its website explains the steps. Start there. Be cautious of anyone offering to do it for you for a fee.

Why it matters for your debt plan

Your credit report makes a handy cross-check when you list your debts. It might turn up an old account you’d forgotten about. Or confirm a balance you weren’t sure of.

It also changes. On-time payments get added month by month, and older events matter less as they age. What’s on it today doesn’t decide what’s on it in future.

If your report shows debts you can’t keep up with, free debt help is there, and it’s confidential.

Common questions

What is on a credit report?

Usually your personal details, your credit accounts with their limits and balances, your repayment history, any applications for credit, and serious events like defaults. What’s included differs by country.

Is a credit report the same as a credit score?

No. The report is the detailed record. A score is a number calculated from it, and different scoring systems can come up with different numbers from the same report.

How do I dispute a mistake on my credit report?

Many agencies have a disputes process, and the official consumer or financial regulator website in your country can tell you how it works. Be cautious of anyone who offers to do it for you for a fee.

Try it

Once you’ve checked your report and listed everything you owe, find your Freedom Date to see when you could be debt-free on your current payments.

General information only, not financial advice. Your situation is your own.