A compulsive liar is defined as someone who lies out of habit. Lying is their normal and reflexive way of responding to questions. Compulsive liars bend the truth about everything, large and small. For a compulsive liar, telling the truth is very awkward and uncomfortable while lying feels right.
Bold-faced is now considered acceptable as well, since bold has the same meaning as bare originally did. Also, it can technically refer to a falsehood that appears in print in a bold typeface. The easiest way out of this maze of idioms, obviously, is to simply tell the truth at all times.
A lie is a statement used intentionally for the purpose of deception. The practice of communicating lies is called lying, and a person who communicates a lie may be termed a liar. Lies may be employed to serve a variety of instrumental, interpersonal, or psychological functions for the individuals who use them.
Exaggeration is sometimes used in humor, so it is not always lying. When exaggeration is used to "stretch" the truth then that does pose a problem for honesty. Exaggeration and embellishment can be used as long as one isn't trying to misrepresent the facts - as long as there is not an intention to fool someone into believing what is false.