New Delhi, May 21 -- In today's world, credit reports and credit scores have become synonymous with financial health and stability. These tools, once primarily used by banks and financial institutions to assess a borrower's creditworthiness, are now influencing far more aspects of a person's life. From determining eligibility for a loan to impacting job opportunities, insurance premiums, the reach of your credit report and credit score extends well beyond traditional lending scenarios.

At its core, a credit report provides a comprehensive summary of an individual's borrowing history and repayment behaviour. The credit score, derived from this report, is a three-digit number that reflects the level of financial discipline a person has dem...