A credit report summarizes historical financial information collected to determine an individual's or an entity's credit worthiness; that is, the means and willingness to repay an indebtedness. Financial institutions utilize credit reports to gauge credit reputation, and thus determine whether to extend credit, and on what terms. With the adoption of risk based pricing on almost all lending in the financial services industry, this report has become even more important since it is usually the sole element used to choose the interest rate.

In the U.S. the three major credit reporting agencies are Equifax, Experian, and Trans Union. In the UK, the agencies are Experian, Equifax and Callcredit. UK consumers can check their Callcredit report online at myCallcredit.

See also

Credit repair

Credit score

Identity theft

Fair Credit Reporting Act