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One of the most common questions we get asked is what exactly is a credit report. Here is the answer:

A credit report is a history of your past financial activities, including any borrowing and repaying of loans, any late payments made and any instances of bankruptcy.

When you fill out a credit card application at a department store, bank or fill out one online, all of your information is sent to a credit bureau (Experian, Equifax and Transunion). The credit bureau records this in their records and hence your credit activity starts to accumulate and a credit report is formed. Please make sure your information is as accurate as possible when submitting credit card applications.

Once the credit bureaus create a credit report for you, this information is often used by lenders to determine whether they should give you a loan or not. Lenders want to see that your credit report shows that you pay off your expenses in a timely manner and have no outstanding debt / bankruptcy issues.

I hope this post shed some light onto the meaning of "Credit Reports"