A credit report is a compilation of personal and financial data for an individual, which has been gathered and maintained by a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job.

Your credit report contains a history of your past and current credit transactions, including any accounts with banks, retailers, credit card companies, and other lenders. It will also include information such as your current and previous mailing addresses, your Social Security Number, your birth year, your spouse's name, and information about your employer. Your report may also contain public record information, such as bankruptcies, tax liens, or any monetary judgments against you.

Inaccuracies are bound to occur, due to the shear volume of information processed by the credit bureaus. Any discrepancies on your report may easily lead to denial of credit, so it's important to review your credit report regularly. By detecting and disputing discrepancies, you can help prevent any delays or denials in receiving credit.

To learn more about the basics of credit, credit reporting, and credit scoring, read Crash Course - Credit 101 in our tutorial section.