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Why A Credit Report?

Have you ever asked yourself this question? Is my credit report that important?  The answer of course is yes. Your not alone, several people take for granted the importance of their credit rating and fail to get annual credit reports. On the other side of the coin there are people who understand the importance of their credit report, but fail to put a priority on this issue. Well if you meet any of the criteria above then you should read on to at least see some of the criticial uses that are made with credit reports in today’s fast moving environment.

Well I hate stating the obvious, but your credit reports are used to see how much risk (risk=ability to pay back loan) there is when a bank or creditor lends you cash. Why you ask? Lenders have only one thing on the back of their mind and that is repayment.  Sadly enough the entire industry depends on this.  Due to this dependency lenders have developed a credit score (I like to call it a credit report card) that actually breaks down the odds of you repaying them.  They use this report card to either a. approve your loan or credit or b. reject your application.

Some lenders use this report card to loan money out to what they call high risk borrowers. They can set higher interest rate loans for these high risk borrowers.  There also maybe some other hidden fees or drastic penalities built into these loans, but this something you might have to do to establish a strong credit report card.

 

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