Credit report
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A credit report summarizes historical financial information collected to determine an individual's or an entity's credit worthiness; that is, the means and willingness to repay an indebtedness. Financial institutions utilize credit reports to gauge credit reputation, and thus determine whether to extend credit, and on what terms. With the adoption of risk based pricing on almost all lending in the financial services industry, this report has become even more important since it is usually the sole element used to choose the interest rate.
In the U.S. the three major credit reporting agencies are Equifax, Experian, and Trans Union. In the UK, the agencies are Experian, Equifax and Callcredit (http://www.callcredit.plc.uk). In Canada, the agencies are Equifax and Trans Union.
See also
External links
- Free annual credit reports for US residents (http://www.annualcreditreport.com), established as a result of the FACT (Fair and Accurate Credit Transactions) Act
MyCallcredit (http://www.mycallcredit.com) - UK site for retrieving consumer credit reports, checking your credit rating and monitoring your credit file.