Your credit report consists of historical information about your ability to repay loans. Your credit score can be used to make lending decisions, insurance and employment approvals. Credit is necessary to obtain loans and can determine the amount of money you are able to borrow as well as the term and interest rate you receive. Building good credit creates confidence in a lender’s willingness to approve loans. You should obtain a copy of your credit report once a year for accuracy.
Visit www.AnnualCreditReport.com to obtain a free credit report online.