A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.
Your financial health is often expressed by one number — your credit score. Credit scores are an assessment of your credit history and your ability to handle money. Lenders use them to determine interest rates, credit limits and more.
A limited credit history can impair a consumer's ability to withstand financial shock and achieve financial stability. But a credit score isn't something that you are just given, it requires time to build.
If your credit is damaged, there are steps that you can take to rebuild it. As you do, your creditworthiness should improve and that could result in better credit offers and major savings to your wallet.