An individual’s credit history, often spanning the previous seven to ten years, is included in a credit report.
Information about bank accounts, loans, bankruptcy, and personal liabilities is included in this report. People’s credit scores are calculated using the information in their credit reports, which helps assess whether or not they can meet their financial responsibilities.
Creditworthiness isn’t only determined by a FICO score; other factors are also taken into account. Lenders are ultimately responsible for deciding whether or not to provide a new credit line. A credit report is compiled by one of three major companies: Experian, TransUnion, or Equifax.