What is a credit rating?
Your credit report contains information about how you've used credit in the past. It is a record of your payments on credit cards, car loans, student loans or home mortgages. Companies that loan money look at your credit report to determine your ability to pay back your debts on time. This is known as your credit rating.
Information on your credit report comes from companies that have loaned you money. National credit reporting agencies, also known as credit bureaus, organize the information and keep credit reports on file. Anyone who has ever used credit to buy anything probably has a credit report.
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