Credit report.

A credit report is a summary of your financial history. Potential lenders will use your credit report to help them evaluate whether you are a good credit risk.

The three major credit-reporting agencies are Experian, Equifax, and Transunion. These agencies collect certain types of information about you, primarily your use of credit and information in the public record, and sell that information to qualified recipients.

As a provision of the Fair and Accurate Credit Transaction Act (FACT Act), you are entitled to a free copy of your credit report each year from each of the credit reporting agencies.

You also have a right to see your credit report at any time if you have been turned down for a loan, an apartment, or a job because of poor credit. You may also question any information the credit reporting agency has about you and ask that errors be corrected.

If the information isn't changed following your request, you have the right to attach a comment or explanation, which must be sent out with future reports.