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What is a credit score?

A lender figures your credit score (FICO score) by taking your credit history and measuring it against a database of habits in the general borrowing population. That, in turn, determines whether your tendencies match those of borrowers who default on debt, declare bankruptcy or find themselves in various types of financial difficulties.

Can anyone get a copy of my credit report?

No, some individuals and businesses are allowed, for business reasons, to obtain credit reports on people other than themselves, but there are strict laws and penalties in place to ensure that this privilege is not abused.

Is a lender who requested a copy of my credit report allowed to show it to me?

The credit bureaus do not allow most lenders to show you a copy of your own credit report. However, you can purchase a copy of your credit report from the credit bureaus.

What are the three Credit Bureaus and how do they affect my credit?

In the United States, Equifax, Experian, and Trans Union are the three major credit bureaus that provide nationwide coverage of consumer credit information. Many national lenders report consumer credit information to all three. However, smaller banks, most credit unions and other credit grantors may report to only one, or none. Therefore, the information you receive from one credit bureau may not be the same as what you would receive from another credit bureau.

How long will late payments or bankruptcy remain on my credit report?

Late payments (30 days past the due time) will appear on your credit report for 7 years and a bankruptcy will appear on your credit report for 10 years.