ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A credit report is a report showing a borrower’s history of how well they paid their bills.

Detailed explanation-2: -Your credit reports include information about the types of credit accounts you’ve had, your payment history and certain other information such as your credit limits. Credit reports from the three nationwide consumer reporting agencies-Equifax, TransUnion and Experian-may contain different account information.

Detailed explanation-3: -A credit history is a record of a borrower’s responsible repayment of debts. A credit report is a record of the borrower’s credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.

Detailed explanation-4: -Credit history is a record of how a person handles money and debt, including credit card accounts and other loans. Many people’s credit history starts with an application for a loan or a credit card, according to the Federal Trade Commission.

Detailed explanation-5: -Businesses look at your credit report to learn about you. They decide if they want to lend you money, or give you a credit card. Sometimes, employers look at your credit report when you apply for a job. Cell phone companies and insurance companies look at your credit report, too.