New Delhi, Aug. 30 -- A credit report plays a vital role in determining how lending institutions check and assess an individual's financial creditworthiness. That is why a credit report without any prior history of late payments or loan defaults helps borrowers in securing credit more easily.

This makes focusing on one's credit history, credit report and credit score indispensable. These three elements, if not managed efficiently, can immensely reduce a borrower's borrowing potential. Furthermore, even minor errors or omissions in one's credit report can hamper loan eligibility and the interest rate offered by lending institutions.

This write-up is dedicated towards discussing credit report errors and how they can make loans more expens...