If you do not know what a credit report is, you are in a world of trouble.  A clean credit file can save you thousands on interest rates,  can help you obtain the job of your dreams.  Nowadays it is hard to rent a home with a blemished credit file, companies assume that if you mismanaged your credit then you will not be a good employee or a good tenant for that matter.  Now more than ever it is important , to understand your credit file.