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What is a Credit History?

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What is a Credit History?

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A credit history is a record of a consumer’s payment and borrowing activities with their creditors. Essentially, it is a consumer’s credit reputation. The activities covered in a credit history or credit report include, but are not limited to, a consumer’s payment patterns, borrowing patterns, and credit balances, as well as credit inquiries by potential creditors. A consumer’s credit rating or credit score is based on the information compiled in their credit history. There are three major bureaus which compile credit information: Equifax, Experian, and TransUnion. Most creditors submit consumer credit information to these bureaus on a periodic basis, generally every three months at minimum. To protect credit, it is often recommended that consumers check their credit regularly. In the US, consumers are allotted one free credit report per year. Ordering and reviewing one’s credit report will help confirm that balances, open credit cards, and other relevant information are accurately ref

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In almost every case, when you ask for a loan or credit, lenders check your credit rating. Typically, it’s a numeric ranking that indicates how credit-worthy previous lenders think you are. The rating is held in a report accessible through a credit bureau, and updated every 30 days by banks, credit card companies, and others with whom you have lending agreements. Your credit report contains your social insurance number, birth date, address and previous addresses, payment histories, a list of your accounts, and public record information like bankruptcies, foreclosures and tax problems. In addition, your credit report lists inquiries made about you over the last several years, and whether or not you were granted credit. Your credit history, summarized by a credit rating, is essentially your financial reputation. It allows banks, employers, and others with whom you are making financial agreements, to review how you’ve dealt with your financial obligations in the past. You achieve good cre

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