What is the document that outlines a borrower's credit history and current credit standing?

The document that outlines a borrower's credit history and current credit standing is the credit report. A credit report provides a comprehensive view of an individual's borrowing and repayment habits, including details such as the types of credit accounts held, payment history, outstanding debts, and inquiries into the individual's credit history. This information is crucial for lenders in assessing the risk of loaning money to potential borrowers.

By examining the credit report, a lender can better understand the creditworthiness of a borrower, which significantly influences lending decisions. A credit report is typically produced by credit bureaus and is used in various financial contexts, notably in assessing mortgage applications.

In comparison, a credit score represents a numerical value derived from the information in the credit report, but it does not provide the detailed historical data itself. A credit profile might refer to a similar concept but is less commonly used than the standard term "credit report." Likewise, a credit summary would usually imply a more condensed version of a credit report, lacking the comprehensive detail needed to fully understand a borrower's credit standing.