A recent survey found that 40% of the consumers who responded, had no idea that when they applied for a credit card, cell phone contract, or filled out a rental application, that someone would look at their credit report to determine if they got approved or not. A credit report is simply an electronic document that determines how trustworthy we are with money. Three companies out there: Experian, Trans Union, and Equifax gather all the financial information they can on everyone they can. They input this information into a complex formula to create a number and that’s how we get credit scores. The higher the score the more we can be trusted with finances, so the better interest rate and monthly payments we’ll have. They will in turn sell this information to credit card companies, finance companies, banks, credit unions, and others. These credit scores can even determine our auto insurance rates and employment opportunities. For more information, please check out my video at:  http://youtu.be/qpfwn5UJVt8