A credit report is important because it's the document that lenders will use to decide your creditworthiness. Without a credit report, there would be no way for a lender to find out if you pay what you owe on time, or whether you take on more debt than you can handle.
Even if you don't plan on ever taking out a loan or getting a credit card, you might find that not having any credit will put you at a disadvantage compared to those who have good/excellent credit.
For example, if you're looking to get an apartment, many landlords will check your credit in order to find out whether you're financially responsible or not. Another example would be when looking for a job. Some employers will check your credit to find out more about you.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.