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Lesson 1 of 10 · Credit reports
Start with the full picture
Learn the idea
A credit report is a record of borrowing information supplied to a credit bureau. It can include accounts, balances, payment history and requests to check your credit. A credit score is a number calculated from information in a report. The number can be useful, but it does not show which account or detail deserves a closer look.
Start a review by checking whether the accounts and personal details belong to you. Then compare payment information and balances with your records, allowing for the date each account was updated. A report is not a complete record of every financial activity: a savings balance or ordinary debit-card purchase is not the same thing as reported borrowing history.
See it in action
Look behind a change
Nina notices that an account she closed still appears on her credit report. She checks its status rather than assuming its presence is an error. The entry correctly says closed and shows her payment history. Her review separates an account remaining in the historical record from an account being incorrectly shown as still open.
Now try it
A new situation. Use what you’ve just learned.
Jordan sees a credit score in an app and wants to understand the account and payment information behind it.
Optional reading: sources for this lesson
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