Your credit report summarizes your credit history. It describes all past and present accounts opened in your name: credit cards, bank accounts, bank credit lines and loans, mortgages, store charge cards and other loans and bills in your name usually excluding utilities and rent payments. Your credit report also includes collection actions taken against you and any existing public record information such as bankruptcy proceedings, liens against you, charge offs or write offs.

Most credit reports also include your credit score which is a number- generated by a formula- that assesses you as a consumer credit risk. The higher the number the better credit risk you are and the more likely you are to be approved for the credit you are applying.

Your credit report and score may be different depending on which of the three reporting agencies you consult. Additionally, your report may not be accurate. It is important that you check your credit report regularly. If you note mistakes, you can dispute them. Knowing what is in your report also gives you the opportunity to improve your record.