If you have a credit card
If you have a credit card or a loan from a bank, you have a credit history.
What they mean is your credit history.
Your credit history is a financial profile. It lets lenders, landlords and employers know how you have managed money in the past and helps them decide whether or not to do business with you.
Your credit history describes how you use money:
How many credit cards do you have?
How many loans do you have?
How promptly you have paid off credit cards and loans
Do you pay your bills on time?
How well you have handled paying other bills, such as rent and utilities
This history is contained in a credit report that is kept on file by the three independent credit bureaus listed below. Companies collect information about your loans and credit cards.
What is a credit score
A credit score is a number. It is based on your credit history. But it does not come with your free credit report unless you pay for it.
What is a credit report? Who Can See Your Credit Report
Your credit report is a summary of your credit history.
Your credit report can and most likely will be reviewed by anyone planning to give you a loan or credit, such as banks and credit unions, credit card issuers, auto financing companies, and insurance companies.
Businesses want to know about you before they lend you money. Would you want to lend money to someone who pays bills on time? Companies also collect information about how you pay your bills. They put this information in one place: your credit report.
Who makes my credit report
A company called a credit reporting company collects your information. There are three big credit reporting companies:
Someone might say you can get a free report at another website. They probably are not telling the truth.
Once a year, it’s a good idea to check your credit report for accuracy, and you can do so for free through the three major credit bureaus.