Credit Report Monitoring Services
Frequently Asked Questions about credit report and score services.
What is a credit report?
In the United States, credit files on individuals are kept by three different credit bureaus: Equifax, Experian and TransUnion. All three are private-sector, for-profit companies. The credit files they maintain contain extensive information on you and your credit history. This information is obtained mainly from lenders, creditors, insurers, employers and other institutions with which you may have a financial relationship. Any company that issues you any type of loan (such as a mortgage or car loan) or a credit card reports to at least one and often all three credit bureaus each month. These companies give the bureaus the latest status of your relationship with them, including your outstanding balance and whether or not you have been paying on time. The bureaus then keep all of this information in your credit file. Information about you is also obtained from public records. In addition, any time you apply for credit and a creditor requests your credit report from one of the bureaus (a "hard inquiry"), that information goes into your credit file as well. A credit report is simply a compilation of all the information contained in your credit file. Because not all lenders, employers, etc., report to all three bureaus, you actually have 3 different credit reports at any one time - one each from Equifax, Experian and TransUnion. Each credit report changes regularly as the credit bureaus receive new data.
Any time you are applying for new credit, such as in a credit card application, the creditor requests your credit report from one or more of the credit bureaus. The creditor then uses that information, along with your income and other data, to evaluate whether they want to offer you credit, and if so, how much. This type of request by a creditor for your credit report is known as a "hard inquiry" (as opposed to a "soft inquiry"). Hard inquiries themselves show up on your credit report and can affect your credit score. If the creditor does grant you credit, they then report back to the credit bureaus monthly, and the cycle continues.
Search our blog archives and frequently asked questions for more information about Credit Report Monitoring Services
Recently answered questions about Credit Report Monitoring Services:
Will a reduced credit card limit hurt my credit score?
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: My bank is lowering my credit card limit, even though I always pay on time. Will this hurt my credit score?
A: Unfortunately, [...]
Why do I have different credit scores from TrueCredit and Experian?
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: I have a 3 score report from True Credit and one from Experian. They have totally different scores. Why would this be? [...]
Reader Questions: Is there a free on line credit report service that has no ...
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Is there a free on line credit report service that has no trial or any other hidden fees?
A: Thanks to [...]
If LifeLock requests reports on my behalf, do I still get my 3 free reports p...
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Each person is entitled to a free credit report from each of the 3 bureaus each year. If LifeLock requests the [...]
Do credit reports show the drop off dates for delinquent loans?
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Do the credit reports from Equifax with Score Power show the approximate drop off dates for delinquent cards or loans?
A: The credit [...]
Why does my credit score fluctuate?
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Why does my credit score fluctuate by 3-5 points from one month to the next when I have paid accounts on time, [...]
Do the Virgin Islands use seperate credit reporting practices and bureaus?
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Do the Virgin Islands use seperate credit reporting practices and bureaus?
A: No. The U.S. Virgin Islands use the same [...]
I am trying to select the best credit report monitoring service for my needs ...
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: I am trying to select the best credit report monitoring service for my needs and have questions. Can I call [...]
I just applied for a loan and was told my FICO score is 856. How is that pos...
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: In looking at information about FICO scores, the range seems to be from 300-850. However, I just applied for a [...]
Can I print my credit report?
The following post in our Reader Question series is an actual user submitted question. To maintain the integrity of the original question, we do not edit or change reader questions in any way.
Q: Can the Equifax report be printed? About how many pages will it be? I have an ink jet printer and am worried [...]
