Category: Credit Reporting
Credit Reporting involves the collection, analysis, and dissemination of an individual’s or business’s credit history by credit reporting agencies. These reports detail past borrowing and repayment behaviors, including credit accounts, payment histories, and any defaults or bankruptcies. Credit reports are used by lenders, landlords, and other entities to assess creditworthiness and risk when making decisions about lending, leasing, or extending other forms of credit. Accurate and up-to-date credit reports are crucial for individuals to maintain good credit scores, which can influence their ability to secure loans, obtain favorable interest rates, and even secure housing or employment.
Resources:
- FTC – Free Credit Reports
- FTC – Fair Credit Reporting Act