Credit is an agreement between a borrower and a lender in which the borrower receives something of value, such as money, goods, or services, in exchange for a promise to repay the lender at a later date, typically with interest.
For example , a person might take out a loan from a bank to purchase a car, agreeing to pay the loan back over a period of time with interest.
The term "credit" can also refer to someone or something's creditworthiness or credit history.
It frequently refers to a bookkeeping item that lowers assets or raises liabilities and equity on a company's balance sheet, according to accountants.
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