A credit report is an important business intelligence resource which allows you to understand a company in depth. Containing both primary and secondary research, the credit report includes financial information and analysis, including indicators such as financial health and payment credibility.
Insight into a company’s credit history can be a valuable tool when screening potential clients or vendors. A company’s credit history can give insight into their payment history, financial status, and overal stability.
A: A credit report is a record of your credit history that includes information about:
Your identity. Your name, address, full or partial Social Security number, date of birth, and possibly employment information.
Your existing credit. Information about credit that you have, such as your credit card accounts, mortgages, car loans, and student loans. It may also include the terms of your credit, how much you owe your creditors, and your history of making payments.
Your public record. Information about any court judgments against you, any tax
liens against your property, or whether you have filed for bankruptcy.
Inquiries about you. A list of companies or persons who recently requested a copy of your report.
A: Your credit report is important because lenders, insurers, banks , traders, employers,and others may obtain your credit report from credit bureaus to assess how you manage financial responsibilities.
Lenders may use your credit report information to decide whether you can get a loan and the terms you get for a loan (for example, the interest rate they will charge you).
Banks & Insurance companies may use the information to decide whether you can get insurance and to set the rates you will pay.
Employers may use your credit report, if you give them permission to do so, to decide whether to hire you.
Trading companies may use information in your credit report to decide whether to provide services and gods to you.
Landlords may use the information to determine whether to rent an apartment to you.