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A credit rating is an expression of credit worthiness based upon present financial condition and past credit history. A credit report is a report of an individual’s credit history prepared by a credit bureau and used by a lender in determining a loan applicant’s credit worthiness. A credit repository or credit bureau is an organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit. Credit scores are numerical values that rank individuals according to their credit history at a given point in time. The score is based on past payment history, amount of credit outstanding, amount of credit available and other factors. A merged credit report contains information from more than one credit-reporting agency. When the report is created, the information is compared for inconsistencies and duplicate entries. Any duplicates are combined to provide a summary of the applicant’s credit.
