Credit is defined as the contractual agreement between one party (the borrower) and another party (the lender) wherein the former receives something valuable (such as real estate) now with the promise and obligation to repay an agreed amount (usually the cost of the real estate plus some interests) for the property at a later date. It may also refer to the credit history of a person of an organization. When individuals seek for mortgage agreements, they are in essence seeking for a credit; taking possession of a home paid for by another party; with the obligation to pay back the full value of the home plus interest to the party that made the funds available. Before accepting to finance a mortgage, lenders often ask the borrower to present his or her credit report, detailing a breakdown of the individual’s credit history as provided by the credit bureau. This is used to determine the creditworthiness of the individual seeking the mortgage.