What is a Credit Report?
A credit report is the historical details of a consumer's past borrowing and repayment activities. There are three main credit bureaus also known as credit reporting agencies that create and provide credit reports: Experian, TransUnion, and Equifax. These credit reporting agencies collect information from lenders, landlords, merchants, etc. and sell the credit report data to businesses so they can evaluate applications for credit.
Your credit report does not indicate whether you are a good or bad credit risk. It simply provides the data so lenders can make their own judgment on creditworthiness. Because the credit report is often many pages of credit card accounts, bank loans, and other financial information, lenders often use a credit score to inform their credit decisions. A credit score is a single numerical interpretation of your credit report. It tells the lender how much risk is associated with a specific consumer's credit profile.
- Learn How Credit Reports Work
- Helpful Credit Advice & Tools
- No Hidden Fees & Always Free!
Credit Karma provides FREE credit score access and educational content with no hidden cost or obligations.
How Do You Get Your Free Credit Report?
In 2003, the government passed legislation that provides consumers with access to their credit report from each of the three credit bureaus once per year free of charge. You can receive your government mandated credit report at AnnualCreditReport.com. This is the only site that provides the annual free credit report mandated by the government - be wary since many sites try to imitate the government mandated site.
It is important to note that your credit score is not included in your credit report. Many people expect to find this numerical interpretation as part of their free credit report and end up paying other services to access their credit report.
How Do You Get Your Free Credit Score?
There are limited ways to access your credit score for free. Many sites claim to provide free credit scores, but they require enrollment in monthly credit monitoring services which can cost hundreds of dollars per year.
One way to access your credit score is through Credit Karma. Unlike other sites, Credit Karma is completely free with no hidden obligations.
Credit Karma™ Believes All Consumers Should Have Access to Free Credit Scores
A credit score and report, the components of your credit rating, are some of the most important components of a consumer's financial profile. At Credit Karma™, we believe free access to one's credit rating is a fundamental consumer right. That is why our site allows consumers to access their credit score anytime.
In addition to free credit scores, Credit Karma™ has a wealth of tools and content to help consumers better understand how credit scores and credit reports work.
