People are often not aware of importance of having good credit scores. This is the reason why some people are not willing to know what is a credit check and what is my credit rating. These people do not understand what these credit rating scores can tell them as a person.
How your friends know you are trust worthy?
When you get a loan from one of your friend you will return the money exactly in the date as you said. Normally our friends will not expect an interest rate from you when they lend some money. But they will expect you to repay ion time. If you do they will identify you as a trust worthy one. When you miss to behave as you said your friendship will get fade.
The same is true for the people around you like your employer, credit card companies, insurance companies, banks and so on. They all will know your credit worthiness by seeing your credit score ratings only.
What your credit rating tells about you to your employer
Any recruiting person will not want to hire a one who is not trust worthy. For your employer a very simple way to know about your personality is checking your credit report and your credit score.
If your credit report says that you have outstanding debt and bills on your credit card then definitely you are losing the chance of getting hired. They may think like when you don’t care about repaying your debts those were borrowed to you on good faith you will not care about the company’s asset where you are going to get hire.
New Creditors
When you apply for a loan they will pull your credit report to see whether you are the person whom they want to lend their money. Normally people with the good and excellent credit rating scores are most desirable for them.
If your credit report shows up many late payment dues with your existing credit card then you can’t expect a new lender to have a business with you. Reason is your other lender companies offered their money to you but you dint save your reputation by repaying correctly.
So it is good know” what is a credit check meant by from all possible views “ and what is my credit rating currently before applying for loan and credit cards.
Credit card providers
Some credit card companies will be ready to provide you a second chance to rebuild your credit but the thing is you should be ready to pay the initial deposits and high interest rates. These credit card companies are pretty sure about your character by reviewing your credit history so they will not be interested to take a high risk of lending their money at some low interest rates.
Car Repossession & Your credit report
Most of the people think in the way like when they are unable to pay car loan they can just surrender the car and this activity will not be recorded anywhere. This is not true. When you purchase a car for due and you dint repay the amount as you promised it will be considered as repossession. This item will get reflected on your credit report.
Not only the car if you fail to pay your rent and just move on to the next landlord remember your old landlord can file a case against you these financial obligations and judgments will affect your reputation really worse. Everyone know what is a credit check so trying to run away from your debt , rent or other financial duties will affect your credit score.
Check what is my credit rating and take actions to improve your credit score if it is not an acceptable one.
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