what is a credit report

A credit report, often called a Credit Information Report (CIR), is a comprehensive document detailing an individual's borrowing and repayment history. It is compiled by credit bureaus and includes personal information, a list of all your loans and credit cards, their payment status, and any recent credit enquiries. Lenders rely on this report to evaluate your creditworthiness before approving a loan or credit card application and setting the terms of the credit offered.