A compilation of the credit history of an individual or business. It is compiled by one or more of the credit bureaus and contains a detailed history of borrowing, payment behavior and credit inquiries. Credit reports are viewed by lenders in deciding whether to extend credit and on what terms. Credit reports are distilled using complex formulas into three-digit numbers called credit scores. Every U.S. citizen is entitled to a free copy of their credit report, from each of the credit bureaus, once every 12 months.