A detailed record of your borrowing history maintained by the three credit bureaus. Lists every account, payment history, and any negative items. Your credit score is calculated from this report.
Your credit report is the detailed transcript that your credit score is calculated from. It's maintained by the three major credit bureaus — Experian, TransUnion, and Equifax — and includes every credit account you've ever had, payment history on each one, current balances, credit inquiries, public records (bankruptcies, judgments), and your personal information.
Lenders pull your credit report (often all three) as part of the mortgage approval process. They look at not just the score but the underlying details: any late payments, recent inquiries, your credit utilization, the age of your accounts, and any derogatory items.
You're entitled to a free credit report from each bureau every year at AnnualCreditReport.com. Review yours before applying for a mortgage — errors are common and can be disputed.
Example
Before applying for a mortgage, pull your free credit report from all three bureaus. You might find an old account incorrectly marked late, or a debt that was paid but shows unpaid. Disputing and fixing these issues 60–90 days before applying can bump your score 10–40 points.
Also known as
credit history, credit file, tri-merge report
Source:
CFPB