From Elizabeth Weintraub,
Your Guide to Home Buying / Selling.
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Definition: A compilation of credit information from three reporting agencies: Equifax, TransUnion and Esperian. The data discloses such details as how long a consumer has maintained credit with each creditor, the maximum amount of credit obtained and the history of repayment, including late payments. Negative and derogatory credit such as bankruptcies stays on your credit report for 10 years.

Examples: It's important to maintain good credit because each late payment on your credit report will increase the cost of credit extended to you by a mortgage lender.