Credit Report
What does it mean
A Credit Report is a document generated by one of the three Credit Bureaus (Equifax, Experian or TransUnion). This report consolidates debt and payment information from a variety creditors into a single document that can then be used in lending to determine the creditworthiness of a potential customer.
Why does it matter
A credit report is a crucial tool for bankers, offering insight into a customer's current debt and past performance. Past behavior is a key predictor of future success. Credit bureaus can condense this data into a credit score (350-850), with higher scores reflecting better history. Beyond financial assessment, credit scores serve as proxies for character judgment, especially for unknown customers. They validate financial statements, confirming creditors and balances, while showcasing a borrower's commitment-follow through.
Other Relevant Terms
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A bit about me
Greetings! I'm Clay Sharkey, and there is nothing I like more than assisting others in achieving their goals. I firmly believe that by enhancing a banker's understanding of their customer's' business, they can provide superior service. This superior service, in turn, leads to stronger relationships for the bank, improved performance for the businesses, and better experiences for our communities. Win-win-win.
