The information on your credit report directly impacts your credit score. In fact, it’s the only thing that impacts your score. Your credit score in turn determines your ability to obtain credit and potentially be approved for loans. Having a poor credit score will either keep you from obtaining credit altogether or place you in a high-risk category, which means that if you’re approved for credit or loans, the interest rates you’ll be offered will be significantly higher than someone with excellent credit. Over the life of a mortgage, home equity loan, car loan, or student loan, for example, this can cost you tens of thousands of dollars in interest fees.