Your Credit Report

Lenders will also look at your credit report to help determine whether to give you a loan. Information about you and how you have used credit in the past, including your bill-paying history, outstanding debt, number and type of accounts, as well as other information, is all in this report. The data is then compared against a statistical model to determine how likely you are to repay a debt. The end result of this modelling is a number or credit score that measures the statistical likelihood that you will pay off a debt in a timely manner.