Credit Report

Both the terms "credit report" and "credit history" refer to an assessment of an individual's past financial activities relative to loans, payment records, ability to live within their financial means, and incidence of major financial events such as bankruptcies. The information is routinely amasses by credit reporting agencies and is accessed by lenders, as in the case of a homebuyer applying for a mortgage, to assess the degree of risk associated with the individual and their fitness to assume and to be responsible for major debt.

Normally in the United States a credit score of 640 (arrived at via mathematical formulas employed by reporting agencies) is considered solid with 800 to 900 being excellent (and quite rare.) A poor credit rating can be a serious detriment in the mortgage application process. By law consumers must be granted access to the information contained in their individual credit reports when they ask to view said information.

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