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Credit Reports Explained
A credit report is an accumulation of information dealing with how well people pay their bills and repays loans, how much credit you have available, what your monthly debts are, and other types of information that can help a potential lender decide whether you are a good credit risk or a bad credit risk. This is a very important document that helps the lender decide to loan a borrower money or not, your credit worthiness.
Credit bureaus, also known as credit reporting agencies (CRAs), collect information from merchants, lenders, landlords, etc., and then sell the report to businesses so they can evaluate an application for credit. Lenders make their decisions based on different criteria, so having all of the information helps in this process.
