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Small Business Insight

The Importance of Credit Reports

If you want to borrow money to buy property or supplies, your credit report matters. Credit reports are reports that provide a detailed history of an individual's borrowing and payment patterns. Lenders use this report to assess a consumer's ability to repay loans. Credit reports also help lenders determine the appropriate loan terms to grant potential borrowers. Thus, it's critical for individuals to monitor their credit reports. But even as a business owner, it's important to watch your credit. Here's why: