What is a credit report?
A credit report pertains to details of your financial history usually within the last six years, these details include; existing credit such as loans, credit cards, store cards etc. The borrowed credit and the credit you own. Past details of late or missed payments, joint credit agreements if any. Your past and present address details as held on the electoral roll. Any kind of litigations, bankruptcies, repossessions, court judgements and agreement you are involved in. All these details are sourced from various records.
What is AER and APR?
Annual Equivalent Rate (AER) helps to compare one financial product with other. It is usually quoted on interest paid on loans. It predicts the rate that it would be if the was paid only once a year, whereas Annual Percentage Rate (APR) is the rate of interest along with any additional charges that customer pays above the loan amount. Interest will be levied only on the outstanding balance here.