Business, Legal & Accounting Glossary
Credit history is generally a temporal record of repaying debt. Additionally, credit history is an indication of one’s creditworthiness and is measured by a FICO score developed by Fair Isaac Company. The FICO score ranges from 350 to 850, quantifying the probability of debt repayment. Credit history is reflected by a credit report, which is prepared and released by various credit bureaus. Major credit bureaus bearing credit history information include Equifax, Transunion, and Experian. Typically credit history reports contain personal information, as well as information from public records such as past lawsuits, judgments, and liens. Credit history also includes data from collection agencies, creditors, as well as credit inquiries by authorized parties. For banks and other lending institutions, credit history is a vital financial device used to assess the risk involved in credit extension.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Credit History are sourced/syndicated and enhanced from:
This glossary post was last updated: 4th February, 2020 | 5 Views.