Credit history

Credit history,

Definition of Credit history:

  1. Record of a borrowers payment behavior that reflects his or her ability to repay a loan. Credit history is a critical factor used in credit rating, and is employed by lending institutions as a qualifier for new loan(s).

  2. A consumer's credit history is a measure of their ability to repay debts and demonstrated responsibility in repaying debts. A person's credit history is recorded in their credit report. A consumer's credit report details the number and types of credit accounts, how long each account has been open, amounts owed, the amount of available credit used, whether bills are paid on time, and the number of recent credit inquiries. .

  3. A consumer's credit report contains information regarding whether the consumer has any bankruptcies, liens, judgments, or collections. All consumers are guaranteed access to their credit history (via a credit report) and are eligible for one free credit report from each credit bureau on an annual basis.

How to use Credit history in a sentence?

  1. A consumer's credit report includes information about the number and types of credit accounts, how long each account has been open, amounts owed, amount of available credit used, whether bills are paid on time, and the number of recent credit inquiries. .
  2. Credit history is a record of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
  3. Consumers will reap rewards for having a good credit history—from being offered lower interest rates on mortgage loans to lower rates on car insurance.

Meaning of Credit history & Credit history Definition