Which of the following defines a credit report?

A credit report is a detailed account of an individual’s credit history, capturing important information related to credit usage and payment behavior. This report includes data such as credit card accounts, loans, payment history, outstanding debts, and records of bankruptcies or tax liens. Lenders and financial institutions typically use credit reports to assess an individual's creditworthiness when applying for new credit or loans.

The first option, which suggests a summary of asset ownership, focuses on what assets a person has rather than their credit behavior. The third option, a report on annual income, pertains to income data rather than credit history and does not provide insights into how an individual manages their credit. The last option presents a statement of financial assets, which is a different aspect of personal finance, primarily reflecting net worth without including credit performance or borrowing history.