Your Credit Report

If you’ve ever applied for a credit card, a personal loan or insurance, there’s a file about you: your credit report. It’s full of information including where you live, how you pay your bills, and if you have been sued, arrested or filed for bankruptcy. Consumer reporting companies sell the information in your report to creditors, insurers, employers and other businesses with a legitimate need for it. They use the information to evaluate your applications for credit, insurance, employment or a lease. Having a good credit report means it will be easier for you to get loans and lower interest rates; lower interest rates usually translate into smaller monthly payments.