Board of Governors of the Federal Reserve System

A new online resource from the Federal Reserve provides practical answers to questions about credit reports, credit scores, and the importance of protecting personal credit histories. The Consumer's Guide to Credit Reports and Credit Scores describes the content of a credit report, explains how a credit score is used, and discusses the role of credit bureaus in collecting and disseminating this information.

Mortgage lenders, banks, insurers, utilities, employers, and other businesses may obtain credit reports from credit bureaus to assess how an individual manages their financial responsibilities. Consumers need to know what's in their credit report and understand how negative information, such as late payments or a bankruptcy filing, might affect a lender's decision to grant credit. The guide answers questions ranging from "What is a credit score?" to "How can I get a free copy of my credit report?" to "How long does negative information stay on my credit report?" It contains tips to help consumers improve their credit scores and provides step-by-step instructions for correcting an error in a credit report.

The Consumer's Guide to Credit Reports and Credit Scores can be found at www.federalreserve.gov/creditreports. It is one of several online Federal Reserve publications, such as 5 Tips for Improving Your Credit Score and 5 Tips for Getting the Most from Your Credit Card. Many of these publications are available in Spanish.