Banking / Finance Law
Credit Information Report (CIR)
A record maintained by credit bureaus documenting a person's borrowing and repayment history, used by lenders to assess creditworthiness.
An individual's credit report significantly influences their ability to get new loans and the interest rates offered, and errors in the report — such as an incorrectly reported default — can be disputed and corrected through a formal process with the credit bureau and reporting lender.
Regularly checking one's own credit report is generally advisable to catch and correct inaccuracies before they affect an important loan application.
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