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

A borrower's credit report is an essential document used by lenders to assess an individual's creditworthiness when applying for a mortgage or other types of loans. It typically includes details that reflect the borrower's financial behavior and reliability in repaying debts.

The inclusion of credit history, outstanding debts, and payment history in a credit report provides lenders with valuable insights into the borrower's past financial behaviors. Credit history details any existing credit accounts, the dates those accounts were opened, and their types. Outstanding debts indicate the total amounts owed, including credit cards, personal loans, and other financial obligations. Payment history shows how timely the borrower has been in making payments on these debts, directly impacting credit scores. A solid payment history with minimal outstanding debts can greatly enhance a borrower's attractiveness to lenders.

In contrast, while options like employment history and salary provide context about a borrower’s stability and income potential, they do not form part of the credit report. Information about homeownership history and property taxes and insurance details may also be relevant for lenders but is typically found in other financial documents rather than the credit report itself. Therefore, the inclusion of credit history, outstanding debts, and payment history is standard and critical for evaluating a borrower's credit risk.