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Credit Report
A comprehensive record of an individual's credit history, which is compiled and maintained by a credit bureau. It details their borrowing and repayment behavior for various credit accounts such as credit cards, loans, mortgages, and utilities. The report includes information about the person's payment history, current debts, credit limits, delinquencies, bankruptcies, and collections. Potential lenders, employers, or landlords use the credit report to evaluate the applicant's creditworthiness and financial reliability. For example, if someone consistently pays their bills on time and keeps their balances low, they are considered low-risk borrowers, and lenders may offer them better interest rates and terms. Conversely, someone with a poor credit history may face challenges in obtaining credit or may have to pay higher interest rates. A credit report provides valuable insights and opportunities for individuals to improve their credit scores and financial health.
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