A credit report is a detailed summary of how you have used credit. It shows accounts you have opened, whether you pay on time, how much you owe, and negative items such as collections or bankruptcies.

In the United States, Experian, TransUnion, and Equifax compile these reports. Most items stay on the report for about 7 years, and some for up to 10. Lenders, landlords, insurers, and sometimes employers may review it.

Related Lessons:

• Click Here for our lesson on What Your Credit Report Says About You
• Click Here for our lesson on A Beginner’s Guide to Borrowing Wisely