What is a credit report?
Answer: Your credit report is
the basis of your credit score. Credit reporting agencies
maintain files on millions of borrowers. Lenders making credit
decisions buy credit reports on their prospects, applicants and
customers from the credit reporting agencies.
Your report details your credit history as it has been
reported to the credit reporting agency by lenders who have
extended credit to you. Your credit report lists what types of
credit you use, the length of time your accounts have been open,
and whether you've paid your bills on time. It tells lenders how
much credit you've used and whether you're seeking new sources
of credit. It gives lenders a broader view of your credit
history than do other data sources, such as a bank's own
Your credit report reveals many aspects of your borrowing
activities. All pieces of information should be considered in
relationship to other pieces of information. The ability to
quickly, fairly and consistently consider all this information
is what makes credit scoring so useful.
Source: www.myfico.com Copyright © 2000-2003 Fair Isaac
Corporation. All rights reserved. This information may be freely
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