What Is A Credit Report And What Is It Used For? A credit report is a history of your use of credit and other personal information which gives lenders a snapshot of your credit history. Whether you are applying for a credit card, a car loan, a personal loan or a mortgage, lenders want to determine your credit risk level. In short, lenders want to know if they can rely on you to pay them back on time. There are three major credit reporting agencies: Equifax, Experian and TransUnion. These agencies collect data and maintain records on millions of Americans and their bill payment histories. The reports tell lenders how much credit youve used, what types of credit youve used, how long youve had various accounts, and whether you pay your bills on time. Every year, billions of lending decisions are based upon the information in those reports. Your credit report and score strongly influences how much credit that will be made available to you and the terms you are offered by lenders. The speed you are approved for credit, the interest rates you get, and decisions about the amount of credit are all determined by the information found in your credit report.
Posted on: Sat, 29 Mar 2014 02:39:15 +0000
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