One of the most important reports that help to determine whether an individual is able to secure funding for a major purchase, receive low interest rates and obtain lines of credit is through a credit report. A credit report is financial information that is maintained by credit reporting agencies.
Three of the credit reporting agencies includes Experian, TransUnion and Equifax. Specifically, lending institutions provide pertinent credit information to these credit reporting agencies. Generally, the information that is captured can include whether the individual pays on time, credit balances, entire listing of accounts, etc. Therefore, it is critical that an individual maintain a good credit report.