Credit Report

Definition

A credit report is a detailed summary of an individual's credit history, prepared by a credit bureau. It includes information on credit accounts, loans, payment history, and public records. Lenders use this report to determine a borrower's creditworthiness.

Example

When you apply for a mortgage, the lender will pull your credit reports from all three major bureaus (Equifax, Experian, and TransUnion) to review your past borrowing behavior and check for any red flags like late payments or collections.