CREDIT HISTORY
Credit history is a record of an individual’s borrowing and repayment activities, reflecting their financial behavior over time. It includes details about loans, credit card usage, payment punctuality, outstanding debts, and any bankruptcies or defaults. Credit history is crucial for lenders and financial institutions to evaluate a person’s creditworthiness when considering loan applications, credit limits, or interest rates. It can also be relevant in certain professional contexts, particularly for roles involving financial management or fraud prevention, as it provides insight into an individual’s reliability and financial responsibility. Protecting credit history from unauthorized access is vital, ensuring compliance with privacy laws and promoting ethical practices in its use.
