What is a credit report?

A credit report is fundamentally a detailed report of an individual's credit history, which encompasses various aspects of their credit behavior. It includes information about credit accounts, such as credit cards, mortgages, and loans, along with the timeliness of payments made on these accounts. This comprehensive record serves multiple purposes in the financial landscape, such as assessing a person's creditworthiness when they apply for new credit.

The credit report also typically details the individual's borrowing history, outstanding debts, payment history, and any public records such as bankruptcies or liens, which can significantly influence a lender's decision-making process. Understanding this document is crucial for both consumers and creditors, as it reflects how responsibly a consumer has managed their credit over time.