Credit Report

A credit report is a crucial element nowadays simply, because there is a lot of risk involved in lending money, and banks are very cautious with it.
Before lending money the bank needs to make sure that you dont have any unpaid bills or bad debts.
Your credit report contains your credit history as reported to the credit reporting agency by lenders who have extended credit to you.
Your credit report lists what types of credit you use, the length of time your accounts have been open, and whether youve paid your bills on time.
It tells lenders how much credit youve used and whether youre seeking new sources of credit.
It gives lenders a broader view of your credit history than do other data sources, such as a banks own customer data.