Credit scores affect whether or not you can get credit and the interest rate you pay for credit cards, auto loans and mortgages as well as other kinds of credit. A credit report contains information on where you live, how you pay your bills, and whether you have ever been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, employers, insurers, and other businesses that use it to evaluate your applications for credit, insurance, employment or a mortgage. Normally a higher score means you are more likely to be approved and pay a lower interest rate on new credit.