Every individual has a record of their payment history of debts and responsibility with bills (including utilities). A credit report is a record of an individual’s credit history.
Your credit report helps potential creditors decide if they should extend your credit. Your credit report also helps determine what interest rate a lender will charge you and the credit limits they will offer.
While your credit reports contain your credit history and current credit activity, your credit scores are numbers based on the information in your credit report.
While your credit reports contain your credit history and current credit activity, your credit scores are numbers based on the information in your credit report.
The information in your credit report determines your credit score, which helps lenders decide whether to extend credit to you and at what rate. Landlords and others may also run a credit check before doing business with you.
What if There are Errors on My Free Credit Report?
If you notice errors or fraudulent activity on your credit reports, you must take immediate steps to dispute and correct the errors. A significant error in your credit report can lower your credit score and adversely impact your ability to obtain new credit at the best rates.