What comprises a credit report?

A credit report primarily consists of a review of the applicant's credit history and standing. This includes detailed information about the individual's credit accounts, payment history, the status of their accounts, and any public records that may affect their creditworthiness, such as bankruptcies or liens. It serves as a comprehensive snapshot of the applicant’s borrowing behavior, which lenders use to assess the risk of extending credit.

While summaries of current debts and liabilities provide valuable information, they are just one aspect of what makes up a credit report, which integrates multiple factors to evaluate overall credit health. Personal interviews do not typically form part of a credit report; rather, they may be used in lending situations but are not considered standard elements of the report itself. Similarly, while income tax returns can give insight into financial status, they are separate documents that do not impact the formation of a credit report directly.