A credit report is a detailed record of how you’ve managed credit over time. It’s used most often by lenders to decide whether to approve you and what terms to offer, but it may also be reviewed by insurance companies, landlords, and (in some cases) employers.
This guide breaks down what’s inside a credit report, how it connects to your credit score, what protections you have under federal law, and the habits that help you build (or rebuild) a strong credit history.
What’s in a credit report?
Your credit report can include:
- Open and closed credit accounts
- On-time and late payment history
- Accounts in collections
- Recent applications for credit (inquiries)
- Other details that can remain on the report for years
Because the information may be used to set the interest rate you pay, keeping the report accurate and positive can directly affect how expensive borrowing becomes.
Credit reports vs. credit scores
A credit score is a number calculated using information from your report and broader credit history. A stronger history (on-time payments, reasonable balances, etc.) generally supports a higher score, which can improve approval odds and borrowing terms.
One commonly referenced score model breaks the score into five major components:
- Payment history (35%): late payments can hurt; on-time payments help.
- Credit utilization (30%): how much of your available revolving credit you’re using; maxing out cards tends to lower scores.
- Length of credit history (15%): older accounts can help; closing accounts isn’t always the best move depending on your situation.
- New credit (10%): opening many new accounts quickly can be a negative signal.
- Credit mix (10%): responsibly managing different types of credit (revolving and installment) can help.
Key consumer protections you have
Federal law provides protections around accuracy, fairness, and privacy of information in consumer reports. Some highlights include:
If you’re denied based on your report
If a credit report (or another consumer report) is used to deny credit, insurance, or employment—or to take another “adverse action”—you must be told, and you must be given the name and contact information of the agency that provided the report.
You can get free access in specific situations
You can request and obtain the information a credit bureau maintains about you, and you’re entitled to a free file disclosure in situations including:
- Once every 12 months
- After adverse action based on your report
- If you’re a victim of identity theft and place a fraud alert
- If your file has inaccurate information due to fraud
- If you’re on public assistance
- If you’re unemployed and expect to apply for a job within 60 days
You can dispute incorrect or incomplete information
If you report information as incomplete or inaccurate, the bureau generally must investigate unless the dispute is “frivolous.”
If information is inaccurate, incomplete, or can’t be verified, it generally must be corrected or removed—often within about 30 days.
Limits on older negative information
In most cases, a bureau may not report negative information that’s more than seven years old, or bankruptcies more than 10 years old.
Employer access is restricted
A bureau generally cannot provide your report to an employer (or potential employer) without your written consent.
Tips for a positive credit report
These habits have outsized impact over time:
- Pay bills on time
Payment history is heavily weighted in common scoring models, and consistent on-time payments help rebuild credit even after past trouble. - Keep balances low relative to limits
Using too much of your available revolving credit can be a red flag. Paying down balances and keeping them manageable can help. - Don’t automatically close paid-off cards
Closing a card can reduce your available credit (and may affect utilization). If the card has no fee, keeping it open may help; if it charges a monthly fee, closing can make sense. - If you’re struggling, contact creditors early
Ask about hardship options or renegotiating terms. If you work with credit counseling, be cautious—reputable organizations can help, but some providers are expensive or make unrealistic promises.
Quick “Credit Report Review” Checklist
- Do all listed accounts belong to you?
- Are balances and credit limits accurate?
- Are payment statuses correct (on-time vs late)?
- Any collections that are wrong, duplicated, or already resolved?
- If something’s wrong, gather proof and dispute it.