What "credit report" means in finance

A credit report is a detailed summary of an individual's credit history, including information about credit accounts, payment history, and outstanding debts. It provides information about an individual's creditworthiness and is used by lenders, credit card companies, and other financial institutions to evaluate an individual's credit risk and ability to repay debt. Credit reports are compiled by credit reporting agencies, which gather information from various sources, including banks, credit card companies, and other financial institutions.