| ||A credit report is a summary of your financial reliability for the most part, your history of paying debts and other bills. It is prepared by credit bureaus (also known as credit reporting agencies) primarily for use by lenders, employers and others who, under the federal Fair Credit Reporting Act (FCRA), have a legitimate need for the information, such as when you apply for a loan, insurance policy, apartment or job.
How Credit Is Scored. Good explanation of how ones credit is scored. Here is the FICO version.