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We’ve all seen the ads encouraging us to find out our credit score or check our credit report, but how much do we really know about the process?

According to Choice, one in three Australians have no idea how credit reporting works and have never seen their credit report.

A credit report, also known as a credit file, helps financial institutions determine whether or not to lend money to an individual. A good credit history indicates that you are likely to pay your debts on time and in full. Poor credit history could make it difficult - even impossible - to get approval for loans, car leases, mortgages, or other forms of financing.