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WHAT IS A CREDIT REPORT?
In a nutshell, a credit report is a summary of your financial history. When
you apply for credit or financing (i.e. buying a new car, opening a credit card
account, etc.) the creditor pulls a copy of your credit report from a credit
bureau. While there are many small credit bureaus, virtually all are affiliated
with one of the three major credit bureaus, Experian, Equifax, or Trans Union.
These bureaus,
even though they collect and maintain data on nearly every American are NOT
affiliated with the government in any way. They are private companies whose
only motivation is to make a profit by selling your personal information for
money.