Credit:
Credit is the customer's ability to obtain services or goods before payment, based on the confidence that money to be paid will be made by him/her in the future.
In accounts, credit in an entry recording is a sum received listed on the right-hand side or column of an account.
Your financial power is part of the credit. You get what you need today, such as a car loan or a credit card, depending on the assurance that you can pay later. Planning to strengthen your mortgage helps ensure that you apply for credit if you need it.
Your statement is the basis for determining your credit score by the various financial reporting agencies that the borrowers use to assess your value of loan.
Bank of America, TransUnion and Equifax are three major national credit service companies.