Your know what i mean if you've applied for a credit card, loanand been refused due to your credit report. This report is on file and is known as your personal credit report. Available to all financial providers, it is full of data and information on YOU, where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy.
Consumer reporting agencies then sell the information in your report to all types of creditors, insurers, employers, and other businesses who have or claim to have a legitimate need for it. This report and the information it contains is then used to evaluate financial product applications.
Having a good credit report now means it will be easier for you to get loans and lower interest rates when you need them. Lower interest rates usually translate into smaller monthly payments and thousands of dollars saved on your most important financial matters. To the financial institutions, employers, and insurers, having a BAD credit report means you are untrustworthy, unable to pay your bills, and just overall considered a financial "deadbeat". The fact is, sometimes in life bad things happen to good people, and our way of life should not have to suffer for 7 to 10 years because of it.
