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Credit history also referred to as a credit report, is a record of the responsible repayment of debts by a borrower. A credit report is a record from a variety of sources, including banks, credit card firms, collection agencies, and governments, of the credit history of the borrower. The credit score of a borrower is the product of a statistical formula applied to a credit report and other sources of data to predict potential criminal behavior.
When a customer submits a credit request from a bank, credit card company, or a store in several countries, their information is forwarded to a credit bureau. The credit bureau shall match the credit applicant's name, address, and other identifying details with the information held by the office in its archives. Lenders then use the collected documents to assess the creditworthiness of a person; that is, to determine the capacity and track record of repaying a debt of an individual. The ability to repay a loan is demonstrated by the timeliness of prior payments to other lenders. Lenders want to see frequent and prompt payments of consumer debt commitments, and thus concentrate especially on missed payments and do not, for instance, accept an overpayment as an offset for a missed payment. Credit scores vary from a scoring model to another, but in general, the FICO scoring system is the standard in U.S., Canada, and other global areas.
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