What is a credit report?

A credit report is fundamentally a detailed account of an individual's credit history and is used by lenders to assess the creditworthiness of a potential borrower. This document contains critical information such as the individual’s borrowing and repayment history, types of credit accounts (like credit cards, mortgages, and installment loans), payment histories, outstanding debts, and inquiries made by lenders regarding the individual's credit. It provides lenders with a comprehensive view of how responsibly a person manages their credit, which in turn helps in determining loan eligibility, terms, and interest rates.

While the other options touch on relevant financial information, they do not define a credit report. For instance, while an individual’s income and employment history is important for assessing financial responsibility, it does not encompass the broad overview of credit history that a credit report provides. Similarly, tracking assets like savings and investments, or analyzing market conditions related to mortgages, does not pertain to an individual's credit report but rather to broader financial planning or market analysis. Thus, option B correctly identifies the purpose and content of a credit report, making it the right answer.