My Opinion

Credit History

By admin ⋅ April 2, 2008 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

Credit history or credit report is, in many countries, a record of an individual’s or company’s past borrowing and repaying, including information about late payments and bankruptcy. The term “credit reputation” can either be used synonymous to credit history or to credit score.

When a customer fills out an application for credit from a bank, store or credit card company, their information is forwarded to a credit bureau, along with constant updates on the status of their credit accounts, address or any other changes made since the last time they applied for any credit.

This information is used by lenders such as credit card companies to determine an individual’s or entity’s credit worthiness; that is, determining an individual’s or entity’s means and willingness to repay an indebtedness. This helps determine whether to extend credit, and on what terms. With the adoption of risk-based pricing on almost all lending in the financial services industry, this report has become even more important since it is usually the sole element used to choose the annual percentage rate (APR).

Whenever you apply for a loan, your credit history is reviewed. Depending on that your application may be accepted or rejected. If you have a good credit history, you may qualify for a loan with great rates, terms and conditions. But on the other hand, if you have a bad credit history, you may have to settle for a bad credit loans. Bad credit loans are loans that are made for people with a bad credit history. Not every lender offers these loans. So you might have to look for lenders who are willing to offer these loans.

BadCreditOffers.com is a leading comparison website for people with bad credit credit cards, home loans, auto loans, personal loans, and much more. Consumers can apply for the offer that’s right for them, and by making payments on time they can start down the road toward rebuilding their credit and, perhaps, their financial future.

Tags: credit history, credit-card