What is a credit report?

A credit report is a detailed report of an individual's credit history, which includes information about how they have managed past credit accounts, such as loans and credit cards. It provides insight into a person's borrowing behavior, including payment history, account balances, and whether they have any bankruptcies or delinquencies. This comprehensive view helps lenders assess a person's creditworthiness when they apply for new credit or loans.

Other options describe different financial documents or aspects of financial health but do not accurately represent what a credit report entails. For instance, a summary of financial assets would focus on the overall value of someone's possessions rather than their borrowing history. An estimate of a person's income pertains to their earnings, which is separate from their credit management. A list of all debts could be part of a credit report but does not convey the complete narrative of credit behavior and history that a credit report provides. Thus, the selection of a detailed report of an individual's credit history correctly identifies the essence and purpose of a credit report.