10 Facts about Credit Score

Wednesday, April 20th 2016. | Economy

The creditworthiness of a person can be seen on facts about credit score. If you have a good credit score, it will be easier for the bank, credit union and other financial institutions to give you credit in the future. The score is used to analyze the credit files of a person. The credit bureaus usually are the main source of information related to the credit score of a person. Here are other interesting facts about credit score to note:

Facts about Credit Score 1: the importance of credit score

The credit score is very important for the credit card companies and banks as the lenders. They can prevent the losses because of the bad debt by checking a person’s credit score.

Facts about Credit Score 2: how to use the credit scores

By checking the credit scores, it will be easier for the banks and other financial institutions to determine the credit limits, the interest rate and the person who can get the loan.

Credit Score

Credit Score

Facts about Credit Score 3: the organizations

If you think that credit score is only applied by banks, you are wrong. Actually it is also used by the government department, landlords, insurance companies, and mobile phone companies.

Facts about Credit Score 4: credit score in Australia

The creditworthiness of a person in Australia is mainly assessed by checking the credit score. It is used to determine whether the credit should be approved or not by the lender.

Credit Score Pic

Credit Score Pic

Facts about Credit Score 5: the methods for credit scoring

The method for credit scoring in Australia is available in several options. Those include random forests, CHAID and MARS.

Facts about Credit Score 6: credit scoring in Austria

You have to be careful with credit score in Austria. The people who have not paid their bill on time will be blacklisted.

Credit Score Images

Credit Score Images

Facts about Credit Score 7: Reserve Bank of India

Reserve Bank of India licensed four credit information companies in India. Since January 2001, CIBIL or Credit Information Bureau Limited has been the official Credit Information Company. The other three companies got the license in 2010. Those are Highmark, Equifax and Experian.

Facts about Credit Score 8: the credit scoring agencies in Norway

Lindorff Decision, Experian and Dun & Bradstreet are the credit scoring agencies in Norway.

Credit Score Facts

Credit Score Facts

Facts about Credit Score 9: the available information

The taxable inform, tax returns, the non payment record and demographic data are some information used for credit scoring.

Facts about Credit Score 10: the credit industry in South Africa

There are various credit industries in South Africa like clothing retailers, micro-lenders, insurers, furniture retailers and banks using credit scores.

Facts about Credit Score

Facts about Credit Score

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