Purpose of Credit Reports and Credit Reporting
A credit report is a record of a person's credit activities. It includes credit card accounts or loans that a person has, the balances, and how regularly payments are made. It also shows if any actions have been done if there are unpaid bills.
Credit reports come from companies that gather and sell credit information. They are called consumer reporting agencies, most common of them are the credit bureau. There are three major credit bureaus, Experian, Equifax and TransUnion.
A person's credit rating comes from the credit report, which runs through the borrowing, charging and payment activities of a consumer. A good credit rating helps in attaining financial goals while poor rating limits opportunities. Since the credit report influences a person's qualification for credit, employment, insurance and housing rental, it is very important to maintain a good credit rating by paying bills and loans on time and by not taking on more debt than you can.
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