Card issuers use your credit reports, and credit scores calculated from them, to decide whether to offer you credit and on what terms. The two are related but not the same. Rules and figures below are as stated by the FTC and the CFPB as of September 25, 2026.
Credit reports
A credit report is a summary of your personal credit history. According to the Federal Trade Commission (FTC), it includes identifying information such as your address and date of birth, and credit history such as how you pay your bills and whether you have filed for bankruptcy. The three nationwide credit bureaus, Equifax, Experian and TransUnion, collect and update this information. Not all creditors report to the bureaus, the FTC notes, but most nationwide chain store and bank credit card accounts, along with loans, are included. Businesses use the information to decide whether and on what terms to lend to you, insure you or rent you a home, and some employers use credit reports in hiring.
Each bureau may get its information from different sources, so your three reports may not be identical. The FTC recommends reviewing all three.
How to get your reports for free
The FTC says all three nationwide bureaus have permanently extended a program that lets you check your report from each of them once a week for free at AnnualCreditReport.com. Separately, federal law requires each bureau to give you a free copy once every 12 months if you ask. You can also order by phone at 1-877-322-8228 or by mail using the Annual Credit Report Request Form. The FTC says AnnualCreditReport.com is the only website authorized to fill orders for the free annual reports you're entitled to by law, and that neither it nor the bureaus will email you asking for your Social Security number or account information.
You can also get an additional free report in certain situations, including after an adverse action notice, for example when a credit application is denied based on information in your report, provided you ask within 60 days of getting the notice.
Credit scores
The CFPB describes a credit score as a prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports. Most credit scores range from 300 to 850. You don't have a single score: the CFPB notes a score may differ depending on the scoring model, the source of the data used and even the day it was calculated.
According to the CFPB, scoring models typically consider your bill-paying history, your current unpaid debt, the number and type of loan accounts you have, how long you have had them open, how much of your available credit you're using, new applications for credit, and whether you have had a debt collection, foreclosure or bankruptcy, and how long ago.
What the CFPB says helps
Pay on time. The CFPB says most credit scores consider repayment history the number one factor, and suggests automatic payments or electronic reminders.
Keep balances low. The CFPB says experts advise keeping your use of credit at no more than 30 percent of your total credit limit, and that paying the balance in full each month helps get you the best scores and keeps your interest costs as low as possible.
Apply sparingly. If you apply for a lot of credit over a short period of time, the CFPB says, it may appear to lenders that you are dealing with financial setbacks.
How long negative information stays
As long as the information is correct, the FTC says a credit bureau can report most negative information for seven years and bankruptcy information for 10 years.
Fixing mistakes
To correct a mistake, the FTC says to contact both the credit bureau and the business that reported the information, and to dispute with each bureau that has the error. Explain in writing what you think is wrong, include copies (not originals) of supporting documents and keep records of what you send; the bureaus also accept disputes online or by phone. Both the bureau and the business must correct information that is wrong or incomplete, and must do it for free. The FTC says the bureau has 30 days to investigate and forwards your evidence to the business that reported the information. If that business finds the information is inaccurate, it must notify all three nationwide bureaus so they can correct your file.
Freezing your credit
A credit freeze stops anyone, including you, from opening a new credit account in your name while it is in place. The FTC says there is no cost to place or lift a freeze, it doesn't affect your credit score and it lasts until you lift it. To place one, contact all three bureaus. When you apply for a card, you can lift the freeze temporarily and put it back afterward.
If your credit file is thin or new, see the cards for building credit at /us/credit-cards/credit-building and /us/credit-cards/secured.