Credit history or credit report is a record of an individual’s or company’s past borrowing and repaying, including information about late payments and bankruptcy. The term “credit reputation” can either be used synonymous to credit history or to credit score.
Credit history information is used for determining an individual’s or entity’s means and willingness to repay an indebtedness. So according to credit history an individual or entity can have a god or a bad reputation. This helps determine whether to extend credit, and on what terms.
Credit repair is a general term often applied to the controversial practice of improving or rehabilitating one’s financial reputation (creditworthiness) among creditors.
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