QQuestionBusiness Law
QuestionBusiness Law
"What's the purpose of a credit report?
A. To provide customers with information about the fees associated with a credit card account
B. To help banks determine if people should be given a loan or credit card
C. To make it easier for consumers to obtain loans to make major purchases
D. To enable the IRS to check the accuracy of taxpayers' tax return forms"
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Answer
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Step 2: Understand the context
A credit report is a detailed summary of an individual's credit history and financial behavior. This helps financial institutions assess an individual's creditworthiness.
Final Answer
To help banks determine if people should be given a loan or credit card. The primary purpose of a credit report is to provide financial institutions with a comprehensive view of an individual's credit history and financial reliability, enabling them to make informed lending decisions.
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