What it is:
An account history is a statement of all the activity that has occurred in an account for a given period of time.
How it works (Example):
Why it Matters:
Account histories are important for reconciling and balancing an account. They are also important for credit accounts, such as credit cards, because they help identify unusual and possibly fraudulent transactions. Lenders may also look to borrowers' account history to confirm that the borrower has done or not done certain things. The IRS and law enforcement authorities may even look at account histories to identify tax evasion or improper activity.