Dictionary of Banking Terms: credit report
credit report
- Asset-Based Lending. Periodic report listing merchandise returns, credit allowances, and so on, allowing the lender to monitor collateral backing the loan.
- Banking.A report furnished by a credit bureau when requested by a lender or the individual named in a report. A credit report lists available credit and a borrower's payment history including on-time payments, late payments, and the number of times a loan payment was missed. It also may include judgment liens to collect a debt, bankruptcy petitions, and tax liens. Credit reports retain adverse credit information for seven years, and bankruptcy petitions for a ten-year period. Federal law requires credit bureaus to give consumers the right to inspect their credit report and write comments if they disagree with it. Amendments to the Fair Credit Reporting Act enacted in 2003 allow consumers to get a free copy of their credit report annually from a Web-based clearinghouse, www.annualcreditreport.com.
