Monday, August 15, 2005

What is a credit report?

What is a credit report?

A credit report is a summary of your financial reliability for the most part, your history of paying debts and other bills. Itis prepared by credit bureaus primarily for use by lenders, employers and others who, under the federal Fair Credit Reporting Act, have a legitimate need for the information.

The wealth of information gathered by credit bureaus, coupled with the speed of today's computer systems, explains why consumers can quickly get loans and other services, like free fico scores including approvals of certain credit applications in minutes.

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