credit history report
Credit reporting is a procedure done by credit bureaus in the United States intended for stores and banks to learn all the relevant financial information about the client that may have applied for a loan. Credit bureaus have to gather this information from a variety of sources, sorting through it and making sure it's accurate and correctly recorded for future use, which is not easy considering there are over three hundred thirteen million people in the United States. Such stores and banks are interested in clients that are willing and likely to repay the debt in time, focusing on anything on the credit report obtained from a credit bureau that may indicate otherwise, especially missed or late payments. Of course, lenders will make a decision about providing a loan and the size of such a loan based on other factors besides the credit report, including the applicant's income. Credit reporting is also required when a lender needs to decide whether credit should be extended, and the terms of such an extension are also affected by the report.
Obviously, credit reporting is the kind of process that can help you a great deal, especially if your history is impeccable. Your credit history will matter in determining the annual percentage rate and other terms under which the loan is provided. These terms can be more favorable if your credit report is good and less favorable if it's not, because in the second case the lender will try to protect itself by making you pay more for the money you borrow to protect himself. Credit report is not something only your lenders can access: according to the Fair Credit Reporting Act, you have every right to get a free copy of your credit report once a year. When your application for a loan is considered, you probably want to know exactly what kind of picture they will be seeing, so requesting a free copy of your credit report may be a smart move just to know where you stand.