Your credit history is a record of how well you are able to handle credit. Basically, it acts as your financial report card, showing whether you pay the money you owe on time. It might also include information on payments for rent or utilities. Your total outstanding debts, as well as the amount of unused credit already available to you are typically included. In many cases, they are simply verifying the accuracy of information that you have already provided to them.
Credit bureaus are independent agencies that collect information on people who use credit.
They act as central distribution centers for credit information, making it easy for potential lenders to get your accurate credit history quickly. All credit bureaus should have the exact same information on your history. Should you find a discrepancy, contact the reporting bureau in writing within 30 days. Remember, a number of laws regulate credit bureaus and protect your rights. If you have been denied credit in the past 60 days, you are entitled by law to receive a free copy of your report from the credit bureau that issued it.