A credit report is an invaluable tool that gives you an understanding of your credit history and helps you make informed financial decisions about loans and other credit-related activities. It enables lenders to assess your creditworthiness and determine whether to lend you money or offer you other financial products such as credit cards or insurance.

Your credit report is a detailed document that contains a summary of your credit history. It includes your personal information such as name, address, Social Security number, and date of birth. It also includes a list of current and past credit activities, accounts, and loans. This includes details such as lines of credit, credit limits, and balances, as well as any delinquent payments or late payments.

Your credit report also includes a list of entities that have requested to view your report within the past two years. This is known as a “hard inquiry” and indicates that a lender or creditor has recently evaluated your creditworthiness. Hard inquiries will remain on your report for 24 months.

In addition, your credit report will include any public records such as bankruptcy or liens. Bankruptcy is an important part of your credit report because it can drastically reduce your credit score and remain on your report for up to 10 years.

A credit report is essential for staying on top of your credit history and understanding what lenders view when evaluating you. You are entitled to a free credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion—each year. You should also use credit monitoring services or review your credit reports for accuracy, potential errors, and identify theft.