Ever wonder what lenders and creditors look for when they look at your credit report. Most people in the United States don’t even know where they can get their credit report. Here is some helpful information to help you better understand what your credit report means, which might want to look at it and where you can your credit report.

Currently in the United States there are three major Credit Reporting Agencies where you can access you credit information, TransUnion, Equifax and Experian. Experian is formerly known as TRW. These credit-reporting agencies work hand in hand with lenders, credits and employers and distribute your credit information.

But how does the system work? Here are some examples of how the credit process works.
1. When you submit an application for a credit card, the creditor runs a credit check on your to find out your credit history for reporting agencies.
2. Then the creditor uses this information to then determine if a credit card will be issued to you and if so at what rate.
3. If issued a card then when you begin using your card, your credit card activity is reported to the credit reporting agencies every 30 days.
4. As information is received your account is updated
5. Your credit profile changes based on your financial activity. Each time your apply for some form of credit this process is repeated.

Your credit report itself is divided into six sections:

1. Consumer Information – address, birthday, and employment
2. Consumer Statement
3. Account Histories
4. Public Records
5. Inquiries
6. Creditor Contacts

As new information is received, you file will be updated and changes may be made to each section of your credit report. Old reports will stay on your file for about 7 years. Not all creditor report information to all three credit reporting agencies, so when looking for your credit report it is a good idea to look at all three agencies to ensure accurate up to date information.