Credit Report/Credit Score

By: Akanksha A. Panicker

An individual’s credit score determines a lot in their lives. The lower the score, the fewer are the options available to an individual, and the less willing are lenders to work with them. Consequently, a person’s credit report is a determining factor in their mobility. 

A credit report is a detailed breakdown of an individual’s credit history, as prepared by a credit bureau. The bureaus function by collecting financial information about people, and the lenders use these reports to determine the creditworthiness of loan seekers.  Equifax, TransUnion, and Experian are the three national credit reporting bureaus and collect consumers’ financial details, although there might be key differences. 

It must be kept in mind that credit repair, which is removing or correcting inaccurate information from one’s credit report for a more favorable depiction of one’s finances or credit score, can be done by oneself or hiring a company that specializes in credit repair. Neither path is without its issues, but it is important to understand every situation to prevent scams and further damage caused to one’s credit. 

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