Finance
What is the purpose of a 'credit report' in the Hawaii mortgage application process?
AA. To verify the property's title history
BB. To provide the lender with the borrower's credit history and score to assess creditworthiness✓ Correct
CC. To establish the property's market value
DD. To confirm employment verification for the borrower
Explanation
A credit report gives lenders a comprehensive view of a borrower's credit history, outstanding debts, and payment history, helping assess the risk of default.
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