Credit Reports
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Loan Resources on
September 30th, 2009 |
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Credit Reports
A credit report overviews historical financial information collected to keep an eye on a person or business’ credit worthiness (the means ability and desire to repay a debt). Financial institutions look at credit reports to determine credit reputation, and watch whether to issue a loan of any sort, and on what terms.
With the appropriation of risk-based pricing on almost all lending across the financial industry, a credit report has become imperative, since it is usually the only factor used to determine the interest rate.
