A credit report is a detailed record of your borrowing and repayment history. It is compiled by three major credit bureaus in the United States: Equifax, Experian, and TransUnion. Lenders, landlords, employers, and insurers use it to evaluate your reliability. It is one of the most important documents in your financial life, and many people never read it.

The report contains several sections. Personal information includes your name, address, and Social Security number. Credit accounts list your credit cards, loans, and mortgages, with balances, payment history, and dates opened. Public records include bankruptcies, tax liens, and civil judgments. Inquiries list who has checked your credit and when. Each section can contain errors, and errors can cost you a loan or a job.

You have the right to a free credit report from each bureau every year at AnnualCreditReport.com. You also have the right to dispute errors. The bureau must investigate and correct or remove inaccurate information. That process takes time, but it is worth doing. A 2021 study by the Consumer Financial Protection Bureau found that 34 percent of consumers found at least one error in their reports.

Your credit report is not the same as your credit score. The report is the raw data. The score is a number calculated from that data. You can get your report for free. Your score may cost money, though many banks and credit cards now provide it for free.