What is a credit report?

Most people think about their credit report when applying for a car loan, home loan or credit card – a creditor usually requests and reviews a person’s credit report when assessing an application for credit.

A credit report contains information about a person’s previous credit applications, their credit repayment history, late payments on credit contracts (e.g. a credit report will show if you have made payments on time for credit cards, home loans and personal loans), relevant court judgments, and whether or not the person is or has been bankrupt. This information can only remain on a credit report for a specific period of time.

Credit reports are held by the credit-reporting bodies Equifax, Illion and Experian (see “Contacts”). Credit-reporting bodies can hold consumer credit reports for people, and commercial credit reports for businesses.