ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is a credit payment history? In a nutshell, your payment history is a record of all your past and present payments made to your lenders. It includes all the data regarding your on-time, late, and missed payments. This helps the lender to gauge you as a borrower.

Detailed explanation-2: -The payment status shows whether it is current/on-time and the payment history shows whether it was late previously.

Detailed explanation-3: -A: A credit report is a record of your credit history that includes information about: Your identity. Your name, address, full or partial Social Security number, date of birth, and possibly employment information.

Detailed explanation-4: -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-5: -The earliest forms of credit reporting arose in the United States in the early 19th century, when commercial lenders used them to gauge the risk involved in lending to different prospective business customers. The first credit reporting agencies were small, local merchants associations.