A credit report is a record of your credit history. What is your credit history? It is a history of how you deal with credit. A credit report records how trustworthy you are with loans by showing if you pay your bills on time and when you are late with bill payments or don't pay at all. If you pay all your bills on time every time and in full, you will have good credit. If you miss payments or are late with payments, your credit will start to go downhill. If you have no loans and no bills to pay, you don't have credit which could make it difficult to get a loan as well.
Credit reports have only recently been made available to the general public. Normally, they are just available to creditors. When you go to a lender to borrow money, the bank or creditor will look at several things to see if you are trustworthy of the money they may lend you. They look at how much money you make and what kind of job you have to see if you will be able to pay it back, and they look at your credit report. The report tells them how you were about paying back money other people have to lent you. If you have a history of not paying, they are less likely to give you the loan, or they will charge you at a higher interest rate.
There are three different bureaus that issue credit reports. These bureaus are Equifax, Experian, and TransUnion. They each issue their own credit report. You are entitled to receive one copy of each report per year. If you are interested in getting a copy of your report, check out the link below. Credit reports are free, so never sign up for any site that requires your credit card information. The link below will take you to the right site to sign up for your credit report.
Why do you need to care about your credit report? If you ever want to get a loan such as for a new car or a mortgage, you should know how your credit is. If you think you don't need to worry because you always pay your bills, that's great, but you should still check them over. Sometimes they make mistakes, and you want to have them corrected before a creditor every needs to look at them. About
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