What is a credit report?

Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies," also known as credit bureaus. You may have a credit record on file at a credit bureau if you have ever applied for a credit or charge account or a personal loan. Your credit record contains information about your debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy.