In most people the free credit report acts as a wake up call to put their finances in order by becoming more discipline and careful on what and where they borrow.
It assists one to prioritize his needs and avoid uncontrolled spending. Most of the times impulse or unplanned buying plunges the consumer into the debt turmoil hence their value in life is re-examined and they are eliminated completely.
A good record will boost your esteem for you feel you are a winner and you are highly valued in the financial world; with multiple people and institutions approaching you for credit advancement, while a bad record will deny you most of the precious service in life and in time of crises no one will be ready to assist you. Also your reputation will be on the line hence people will accord you no respect.
The credit report can be both a source of joy and sorrow to different people. Depending on ones future plans the report may generate a lot of stress in a person leading to medical diseases. This could increase your debt level as you try to get out of the situation though treatment which is very costly and takes along time.
The report will also determine how you relate to others as creditors and even the government. It will separate chaff from wheat thus you get to know who is for you and who is not. This enables you to select the best partners to do business with.