ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.

Detailed explanation-2: -A Consumer Statement is an optional statement of up to 475 characters that you can add to your Equifax credit report. The Consumer Statement can be added to explain a disagreement with the outcome of a dispute investigation or provide additional information about items on your Equifax credit report.

Detailed explanation-3: -A consumer credit report is a record of a credit history from a number of sources, such as banks, credit card companies and collection agencies. Information from a credit report is used to determine their credit score, which is important when applying for different types of loans or credit cards.

Detailed explanation-4: -Lenders may use your credit report information to decide whether you can get a loan and the terms you get for a loan (for example, the interest rate they will charge you). Insurance companies may use the information to decide whether you can get insurance and to set the rates you will pay.