Answer
A credit report consists of all the details about a person’s credit accounts such as his latest balance, and his payment history. It helps in determining the creditworthiness of the concerned person.
Work Step by Step
A credit report is that report which includes all the pertinent details with respect to the creditworthiness of a particular person to avail the credit. It consists of information of the applicant with respect to his identity, credit accounts record, and information for the public record, account information associated with the collection agency and certain inquiries as well.
The purpose of this report is to provide information to the potential lenders and employers. The entire process of collection of information is conducted by credit bureaus.
