Consumer credit reports are factual records of your credit activities. It reports all your credit accounts and outstanding loans, the balances on your credit cards and loans, and your bill paying history. Lenders are permitted by credit report laws to check your report and review it in order to determine whether or not to grant you credit. In order to start to build a report, all you have to do is establish credit in the form of a credit card account, car loan, mortgage, or student loan. Most of the information comes directly from the business you have accounts or outstanding loans with. When you pay your bills or fail to pay your bills, lenders usually report your credit information – good or bad – to credit reporting agencies.
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