Credit and debt are two sides to the same coin. In other words, the two are, for the most part inseparable. Credit is the granting of a deferred payment by a creditor to a debtor for the promise that the debtor will repay the debt based on the terms of the credit transaction at a future specified time and place. Debt is very simple. It is what is owed for credit. Credit is much more complicated and it can have an almost unlimited number of terms and conditions associated with it. Consumer reporting, or credit reporting, is in very simple terms, the telling of stories by creditors and third party CRA’s about information related to a consumer’s credit account including, but not limited to, the timeliness of the consumer’s repayment.