Credit Reports: Know What Information The Credit Bureaus Have About You

All consumers have a right to obtain a copy of their credit report as often as they wish. These reports list information on credit history, such as creditors, balances due, past due amounts, highest credit granted, and total outstanding balances. The reports also list inquiries about your credit status made by lenders, potential creditors, or employers, and information obtained from public records that could affect your credit status, such as tax liens and bankruptcies.

Three major credit bureaus compile and distribute credit information on consumers and businesses in the US. The "Big Three" are Equifax, Trans Union, and Experian. These companies collect mostly identical information, though there may be slight variations. For a fee, except in certain states where citizens are entitled to a free copy every year, anyone can request a copy of their credit report from the "Big Three." There are also a number of online services that will help you obtain your report for a fee. It is a good idea to check your credit report occasionally, as there may be errors that can affect your credit.

According to consumer studies, between 29 and 50 percent of credit reports contain one or more errors. You can request your credit report by phone, mail, or online, but all the agencies and online credit services will provide the report by snail mail only. This is to insure your privacy. So, if you are planning that big purchase, or just want to know what information the credit bureaus have about you, it is a good time to check your personal credit report.