Your credit score changes when companies send updates to credit agencies about your accounts with them. Your credit report is a detailed record of your history of borrowing money and paying it back—your “report card” about your credit standing. Any time you borrow money—personal loans, auto loans, credit cards—your payment history can become part of your credit report. The reports are used by most lenders when considering whether applicants qualify for home, credit card, car, boat, education and other loans and how much the loan will cost (interest rate and fees).