Basics: Credit Reports
February 3rd, 2010 by carla_guillermoIf you have been into any financial problems, then having a credit report is not new to you. For those that wonder what a credit report is, it is a detailed record of the credit history maintained by one of three main US credit reporting agencies. It is like a folder with all the financial activities done by a client.
For example, the lender alerts the agencies when you applied for a loan by sending them the transaction details. The details now can be seen on the folder as well as other previous transactions that you made with your credit card whether you miss a payment or not, etc. The reporting agencies will summarize all the data and will reply to the lender on what is your financial status. The lender in the end will use the information if he will grant you a loan or not.
