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Your credit report contains your credit history as reported to the credit reporting agency by lenders who have extended credit to you. The information in your credit report is also used to generate credit scores such as your FICO Scores.

Credit scores are used extensively, and if you've gotten a mortgage, a car loan, a credit card or even auto insurance, the rate you received was directly related to your credit score. The higher the number, the better you look to lenders. People with the highest scores get the lowest interest rates.

The supplies that have been used during the accounting period should be reported in the income statement account Supplies Expense. Basically, supplies are assets until they are used. When they are used, they become an expense.

Your credit score determines two important things and can affect your chances for getting approved. First, lending money entails risk, and your credit rating tells prospective lenders how reliable or unreliable you are at repaying loans. Second, your credit score determines what sort of terms you are likely to get.

Having a poor credit history or a low credit score can seriously impact you financially. One thing that can happen is you could be denied a line of credit. A low credit score indicates to lenders that you are a high-risk borrower and they may not be willing to lend you money.

There is only one place to get, federally mandated credit reports, also called an "educational credit report. You are allowed a credit report from the three major consumer reporting agencies in the U.S." Experian, Equifax and TransUnion.