A Credit Report is an individual's history comprehensive of borrowing and repaying. Whenever an individual applies for a loan or a line of credit, it is very common for the lender to review the applicant's credit score to determine the risk (how likely the applicant is to repay the loan). The credit score is almost the sole factor in determining APR (the interest rate).
Knowing your Credit Score is Very Important! It will help you protect against identity theft and give you a better understanding of your credit history, which could save you thousands if you have a better credit score and get a lower interest rate on your loans.