This is a report of person’s credit history as complied by one or all of the three major credit bureau. Credit reports will generally state what credit cards a person has, property owned, what is outstanding on what cards and to what lenders, whether payments have been made on time, current and prior addresses, employment records and any prior lawsuits. Credit reports will frequently contain errors and require constant review and correction. Information on a credit report may not appear for more than 7 years, 10 in the case of bankruptcy.