Credit Reports

A credit report is a detailed record of an individual’s credit history, including their borrowing and repayment activities. It contains information such as credit accounts, payment history, outstanding debts, and any bankruptcies or collections. Lenders use credit reports to assess an individual’s creditworthiness when they apply for loans or credit cards. A good credit report can lead to better loan terms, while a poor report may result in higher interest rates or denials. Regularly checking your credit report helps ensure its accuracy and allows you to manage your financial health more effectively.