Describe and discuss the information creditors look for when you apply for credit
Describe and discuss the information creditors look for when you apply for credit
Homework Answers
Lenders look following information :
1.Lenders consider credit score of the person to whom the loan may be given.It helps lenders in reviewing the individual's credit accounts, payment history, and level of risk.
2.Some loans may require the Individual to give some asset as a security.This asset will be in the possession of the lender and can be sold if loan is not repaid
3. Some lenders may require a guarantee in addition to collateral security, which means a third party must agree to repay the loan if the collateral cannot cover the amount
4.Lenders will assess the ability to repay the loan on the basis of the individual's current situation, and the amount of debt and expenses currently being incurred by the individual.
5.Outside circumstances are also considered, such as the economy and job market, that can influence your ability to repay a loan.
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Describe and discuss the information creditors look for when you
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