Financial Counseling Certification Program (FiCEP) Practice Exam

The correct answer is the credit report. A credit report is a comprehensive document that includes detailed information about an individual's credit history, including their repayment practices, outstanding debts, and how they manage their credit over time. It provides insights into the person's borrowing behavior, payment history on loans and credit cards, length of credit accounts, and any public records such as bankruptcies or foreclosures.

Credit reports are crucial for lenders when assessing an applicant's reliability and creditworthiness, as they offer a historical overview of how consistently an individual has repaid their debts. This makes the report essential for both consumers monitoring their financial health and lenders making informed lending decisions.

In contrast, a credit score is a numerical representation derived from the information in the credit report and does not provide the detailed history itself. A loan agreement pertains to the terms and conditions of a specific loan, whereas a bank statement reflects transactions from a bank account but does not cover overall credit history.