A credit report is a basic financial statement that reports an individuals financial history in terms of payment of credit bills, loans and mortgages, and other credit related information. It shows whether or not an individual is in debt, how much, and for how long.
Credit reports are used by major financial companies to sanction credit and determine the rates of interest over a period of time. A good credit report can fetch a lower interest rate and save money, whereas a bad credit history may mean paying more interest, or perhaps being denied credit.
Credit reports can be utilized by any financially interested party. It could be your real estate agent, credit card company, your prospective landlord, or even your employer. There are regulations that govern the use of credit reports by such parties, and the individual may need to be informed that his or her credit report has been used for evaluations.
Given the importance of this documents, it makes sense to keep a regular check on what gets reported. The biographical details must be correct, and incorrect or false records must be reported to the agencies concerned.
Also important is the issue of...
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