Credit report or credit history is a record of the financial data and transactions of businesses and individuals. The record includes the past and present borrowing transactions. The information included in the report may also include the late payments, insolvency and bankruptcy. It reflects the credit rating of individuals and businesses.

Credit report is an important source of credit information of an individual. This is used by financial companies in their decisions particularly in extending loans and the loan terms to individuals. The information on the credit report is used to determine the creditworthiness of an individual. This is also important to businesses. To businesses, the credit report is important information for them to be able to have access to business credit lines. The credit report may imply the integrity status of a person or a business entity.

Credit rating is the assessment of the credit worthiness of a persons, businesses particularly corporation and even a nation.

There are many factors in determining credit ratings. They may include the payment record; control of debt; signs of responsibility and stability; re-aging and credit inquiries. These factors are used in credit report or credit history. The record of bills and other credit details of an individual are important to the decision of a lending institution.

The credit standing of an individual can also be determined through his credit score. Lenders and banks may also refer to the credit score of a person to check its creditworthiness. The score is expressed numerically and it is based on the analysis and statistical data of a person's credit files. This is sourced from credit bureaus that gather and collect financial data of persons and business entities. The financial data are also sourced from data furnishers which can be debt collection agencies, public institutions, courts, institutions with public records, utilities and businesses.

In the United Kingdom, credit bureaus is called credit reference agency.

The credit history and credit score can affect the terms and the interest rate of the loans as well as the decision of the lending institution to extend a loan. They can also affect the borrower, the loan consumer. Thus, it is relevant for individuals and businesses to keep a good credit report.

The credit report can place individuals and businesses into certain categories based on their financial information. Individuals and businesses that have committed financial transactions deemed undesirable such as late payments and default payments may place them in black list or are considered to be high-risk borrowers. They are likely to be turned down more easily when applying for a loan and may not be able to seek for another line of credit unless pending obligations are settled.

Is there a possible way to bring back the good credit standing of individual and business borrowers?

Individuals that have gloomy financial record and bad credit report may seek for ways to repair them. One possible way is to seek for credit repair companies that can help individuals improve their credit rating.

It is more possible to improve the credit standing by employing the service of credit repair companies. They may be law firms or accredited organizations of financial experts that can help individuals repair their bad credit rating.

When looking for a credit repair company, it is more preferred to choose for established law firms. Established law firms offering credit repair programs and service are government regulated and accredited. They are likely to provide more services when it comes to credit repair than credit repair experts that are not law firms.

It is possible to check for sites that contain information about credit repair services. The existence of credit card companies on the Internet has also been overwhelming recently. One could find different websites of credit repair companies offering information about their services as well as their profiles. Nevertheless, it is better to choose companies that have credible standing.