For most people having good credit is a necessary part of their financial well being. Your credit history has a large impact on the ability to receive a mortgage, car loan and credit cards. Most of time your credit rating is based and formulated using information that is found on your credit report. If you are new to having credit or finally realized how important credit can be, here is some information on what a credit report is and its importance in the credit process.
A credit report is a document that is used to summarize your financial reliability. Usually credit reports compile information that includes current loans and credit cards you have, your payment history, your outstanding debt and other personal information such as your current and previous address, full name, aliases, and companies or lenders that recently requested your credit report.
Credit reports are a very useful tool for companies and lenders to determine if a person they are either loaning money to or can be providing a job or an apartment for is reliable and stable with their finances. For instance, if you would like to apply for a credit card, when filling out the application, you sign a...
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