A credit report is a detailed history of any amount that is borrowed or used in form of credit. It is a comprehensive report on the way payments are made and also records any default payments which would provide an insight to a third party on whether to consider the individual worthy of a credit.
A credit report holds a lot of value and is treated with utmost importance when applying for a loan, credit card, jobs or for leasing out properties. A view of a credit report would help to take a call on whether the individual would be able to bear the expenses involved. A credit report can also be obtained by self to keep a check on the payments that have to adhere to.
Paying bills on time and adhering to loan repayment schedules would enable the credit report to be intact. Any deviation or involvement in an illegal approach would become a trigger sign on the report. The information about the individual is obtained by credit bureaus who gather the details from lenders, landlords, merchants, employers, family etc. This report can be obtained by approaching an agency that charges based on the amount of information that would be required.
Some agencies offer a simple credit report that can be comprehended easily. It would have the personal details of the individual, social security number, details of loans and other payments, payment patterns on whether or not adhering to payments and any other information that would be crucial in taking a decision before extending any service. Employers request this report to check if the person’s identity is legitimate and if the person can be trusted. Banks check the report before approving a loan to see if there are any default payments or if the person can bear the expense of repaying a loan.
The agencies would help to acquire the credit report for a nominal charge and details would depend on the type of report that is requested.