What is credit report?

The credit report is the statement that is given by the credit bureaus. There are three major credit bureaus that provide the credit reports. It is the record where one’s past borrowing and repaying information or bankruptcy is recorded. The information is very essential while applying for loans. The lenders scrutinize the report and then decide the interest and also takes decision whether to approve the loan or not. There are three major credit bureaus where from these report is received. The results in the reports may vary slightly since they use different method and software’s to calculate the report. This report denotes an individual’s credit worthiness. It also depicts a person’s willingness to pay his debts. This report helps the lenders to fix the terms and conditions of the loan, interest. All the terms that are related to the loan are fixed after scrutinizing the credit worthiness of a person.