A credit report contains the complete credit history for an individual. The report contains all pertinent borrowing and repayment information such as existing credit accounts, loan history, bankruptcies, late payments and all recent inquiries.

What A Credit Report Is Used For

It is used by potential lenders to assess the person’s credit worthiness before approving loans or credit allowances. Individuals can also apply to see their own credit history to check whether they have been victims of identity fraud.

Information Included On The Credit Report

The information listed on the credit report can vary between credit bureaus, however all reports contain:

1. Personal information: the report will contain the individual’s full name, residential address, date of birth and drivers license number.
2. Credit applications: all credit applications and enquiries made during the past five years will also be stated on the report.
3. Active credit accounts: records of all current credit accounts held by the individual will be listed.
4. Overdue accounts: any payment defaults that have occurred in the past will be highlighted in the report.
5. Bankruptcy information: if the individual declared bankruptcy, the report will contain details of the bankruptcy.
6. Judgments: the credit report will list any past judgments made against the individual.
7. Public record information: the credit report will list any Directorships or Proprietorships held by the individual.
8. Credit rating / credit score: this numerical representation of the individual’s credit worthiness is sometimes included in the credit report; however some credit agencies prefer to supply this information separately.

Who Has Access To An Individual’s Credit Report?

Only credit providers to whom the individual has applied for credit, goods or services where payment is deferred for over seven days can purchase the credit report from a credit agency. Individuals may also purchase their own credit report from a credit agency.