Credit is everything in this world. Credit determines if you can get a loan, how much of a loan and at what interest rate. If you just fell off a truck or you just woke up to reality you have heard about the credit report. But do you really know what one is? What it consists of?

Credit Reports 101

Your credit report is a collection of your credit information. It is what businesses use as a reference for how reliable you are as it pertains to paying your bills. How much credit you have, how much you owe, if you have been late on a bill, if you filed bankruptcy, if a bill has been paid off, etc.

Anyone that needs to extend you some form of credit will probably want to access your credit report first. This could be anyone from the apartment complex where you are applying to rent an apartment, to applying for a credit card, to even opening a bank account. Credit touches virtually every part of your life.

Why Do I Need One?

Very few people go through life without needing some form of credit. When they find themselves in need of someone to extend them credit such as for a car, a credit card, a home, etc., they have to convince the entity extending the credit that they are worthy. The only way to check an individual to get an idea of how reliable they will be in paying back the debt is to take a look at their credit report. Of course, they have to have your permission, first.
By looking at the history of how well the individual pays off their debts, it gives the lender an idea of whether or not they should loan them money. That

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