What must be included in a borrower's credit report?

A borrower's credit report must include credit accounts, payment history, and any public records. This is because credit reports are designed to provide a comprehensive overview of an individual's creditworthiness. Credit accounts contain information about the types of credit accounts the borrower has, including credit cards, mortgages, and loans, along with their balances and limits. The payment history provides details on how timely the borrower has made payments on their accounts, which is critical for lenders in assessing the risk associated with lending to that individual.

Additionally, public records can highlight significant financial events such as bankruptcies, foreclosures, or liens, which can negatively impact a borrower's credit score and thus influence lending decisions.

In contrast, other options such as income verification, employment history, assets, and liabilities, while important in the loan application process, are not part of the credit report itself. Loan terms and conditions relate to the specifics of individual loan agreements, which are separate from what a credit report provides.