What is a credit report?

A credit report is a comprehensive document that provides detailed information about an individual's credit history. It includes various elements such as the individual's borrowing habits, repayment history, outstanding debts, and any public records such as bankruptcies or liens. This report is crucial because it reflects the creditworthiness of an individual and influences their ability to secure loans, credit cards, and potentially impact rental applications or job prospects.

The other choices fall short of defining a credit report accurately. A summary of bank accounts focuses primarily on financial assets rather than credit behavior. A document outlining income and expenses is more related to personal budgeting rather than credit history. A list of loans only reflects borrowing activities but does not give a holistic view of an individual's credit behavior, which is essential for understanding how they manage their debts and repay them over time.