Credit, Credit Reports....Hmmm....

Credit is your reputation as a borrower. It contains information about your borrowing history. Credit Reports give an insight into your credit history and how likely you are to repay loans.

A credit report contains information about your borrowing history. Lenders (and others) provide information that ends up on credit reports. Records such as how much you’ve borrowed, how you’ve repaid, and other details about your borrowing behavior are mentioned.

When somebody wants a credit report, they request one from a credit reporting company or a credit bureau.

Instead of going through credit reports, which have loads of information, people tend to go for credit scores.

Credit scores are computer calculated numbers that runs through your credit reports. It looks for patterns in your credit history, based on this it sets out a credit score.

Hence its really important for Credit Reports to have the correct information in them. In case a credit report is incorrect one can fix or repair a credit report.