by 
The Curious Bag
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Credit reports are an essential part of gaining trust in the eyes of a lender and getting more credit on better terms. As of 2009, U.S. law restricts what a credit report can contain and how creditors use it.
Considerations
There are three major credit reporting agencies and each of them provides unique reports, but in general, most credit reports produce the same type of information, according to the Fair Isaac Corp.
Features
The typical report includes information on how many loans or accounts the person holds, any public debt collection records--such as a foreclosure--and identifying information.
Exclusions
U.S. civil rights legislation prevents credit reporting companies from including info on a person's race, sex or creed. In addition, credit reports might include age and location, but these do not affect the credit score.
Effects
The information contained in a credit report helps creditors decide who they should lend to and how much (as well as the interest rate), according to the Federal Reserve Bank of San Francisco.
Tips
Lenders can deny credit based on info in a credit report. However, the lender must divulge where it obtained the applicant's report, why it denied the person credit and offer a free copy of the credit report within 30 days.
Source:
Fair Isaac Corp.: What's in your credit report?
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