How Does A Low Credit Score And Bad Credit Affect The Interest Rate You Can Qualify For?
Since borrowers do not have personal relationships with the finance companies loaning them the money needed to buy real estate, there needs to be a system in place that allows such lenders to evaluate the risks associated with each individual applicant. For this reason, every single lender will obtain a copy of the loan applicants credit profile, and such information will be used for evaluation and risk assessment.
Your Credit Report is a Record of Your Habits – The independent organizations that maintain your credit profile are simply acting as independent and unbiased record keepers for your financial history. All lenders, as well as multiple other organizations and industries, will report their transactions with consumers to the credit bureaus. It is considered generally accepted knowledge that human beings are creatures of habit, therefore it is rare that a person will change the manner in which he handles his finances.
Your Credit Report Reflects The Lenders Risk in Lending To You – For this reason, obtaining a credit report as a means of assessing risk...
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