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Discussion in 'Growing and Managing a Business' started by creditreport, Nov 16, 2011.
What is credit rating?
You can Google: "define credit rating". Basically, it's someones ability to be able to pay their required amount owed in a timeous fashion. I the person default (cannot pay) on the payment, the their credit rating/score is reduced once the institute flag the person/company as such. A lower credit score will strongly deter (used as an assessment) any future business endeavors, as companies won't pass you a credit line as you have a proven history (low credit rating) of non-payment. The applies to a home-loan/car loan in persons name or a business having a 30 day nett account with another business, any credit line actually.
It refer to debt payment record, usually bank use it as a guide for loan approval. bad credit rating can result financial institution rejected application, or incur high interest, or reduce loan amount.
Credit rating is basically credit scoring. The three agencies after looking at the reports rate individuals between 350 and 850. Credit report should be maintained properly means timely payments, not exceeding the credit limits etc for good scores.
I would assume from his/her username they know already!
JPM, you have sharp site. I not sure how about others, most of the time I will just focus to answer the question without reading his/her user name.
It talk about debt payment record, usually bank use it as a manual for mortgage acceptance. bad credit score can result lender declined application, or have high interest, or reduce mortgage.
Credit rating is based upon history of borrowing and repayment, assets and income. Lenders use this rating to estimate the possibility that the borrowers will repay their debts. If a person has poor credit score, he may have less chances of getting loan approved.
It is credit report?
credit rating:according to investopedia :An assessment of the credit worthiness of individuals and corporations. It is based upon the history of borrowing and repayment, as well as the availability of assets and extent of liabilities."
I think this credit rating means the range or limit if you want to do some credit transactions.
It is a one type of your Impression.