Understanding credit report key to good fiscal status

By Alan Yonan Jr.

POSTED: 01:30 a.m. HST, Jun 17, 2012

~~<p>Question: Why is a credit report important?</p>
<p>Answer: The content of your credit report is the sole determining factor in generating a conventional credit score such as a FICO score. This number will be used by lenders, banks, finance companies and credit card companies to determine whether you will be approved for a loan or credit, and what interest rate you will pay or what costs you will pay for use of that credit. Lenders, insurers, landlords, employers and others may also obtain your credit report to assess how responsible you are with managing your finances. Now, more than ever, it is crucial to access, understand and cultivate the contents of your credit report.</p>
~~

Question: Why is a credit report important?

Answer: The content of your credit report is the sole determining factor in generating a conventional credit score such as a FICO score. This number will be used by lenders, banks, finance companies and credit card companies to determine whether you will be approved for a loan or credit, and what interest rate you will pay or what costs you will pay for use of that credit. Lenders, insurers, landlords, employers and others may also obtain your credit report to assess how responsible you are with managing your finances. Now, more than ever, it is crucial to access, understand and cultivate the contents of your credit report. Login for more...