There are several factors that influence the approval of your loan or credit card, one of which is your credit report. It is important to verify your credit report to see what creditors use when they review your credit applications. By doing so, you can catch and clear up any errors and discrepancies that can prevent you from having a strong credit rating. Experts suggest you review your credit report every few years, if not yearly.
Additionally, your FICO score (credit score) is a key component lenders use when approving you for loans and credit cards (and may influence the rate you are offered). Your credit reports can help you understand how paying off or assuming debt influences your FICO score, and what you can do to maintain a solid rating.