The term credit report refers to an individual's credit history, that is maintained by one of the several credit bureaus. Credit reports are used by lenders in determining the person's credit worthiness. A credit report is based on a person's credit history, and covers areas such as late payments, defaults, bankruptcies, and other potential issues that could affect a person's ability to repay a loan. Typically, credit reports are checked any time you are borrowing money, or ask for a line of credit (such as credit cards).

It is very important that you review your credit report on a regular basis. Credit reports will allow you to tell who has been reviewing your credit history, what outstanding credits you might have, and if there are any abnormal notes about your credit history. Reviewing your credit report also helps to protect you against identity theft and other similar problems that could have a long-term affect on your credit.

As part of your credit report, you will receive a FICO score. This score represents your credit worthiness, and ranges from 300 to 850. Generally, having a FICO score above 700 allows you to receive lower interest and payments on money you might borrow. Reviewing your credit report will allow you to be able to correct any problems you have, and allow you to improve your FICO score.