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A Worthy Credit Score
by Rupert Meverich

Want to loan money for a new home or car? Go through
your credit score. Have you been paying back on time?
No! Your credibility almost ends there. A good personal
credit is the key to financial freedom while a bad credit
makes obtaining finance a difficult task.

However, things don't come to an end just there. Many
other factors are taken into consideration. The payment
history of the card owner is one such factor. If
non-payment or erratic payment is a result of job loss,
medical bills or any other emergency then the creditors
react differently.

There are people who delay payments. They are termed as
high risk borrower. If every borrower behaves like them, it
will hamper the growth of society. Therefore they are not
likely to get loan or credit card with a low rate of interest.
This pattern of late payments makes financial institutions
vary on lending.

Another type of payment structure is auto notes which
exceeds thirty days pay period. It is not popular with the
financial institutions. They don't mind one such payment
by a propective buyer. However, if this continues, it is
deemed as a credit risk. Again, these borrowers have to
pay high rate of interest on their loans.

A complimentary credit report is given out every year to
the American consumers. The Credit worthiness is judged
by the creditor by using any of the three credit bureaus
Experian, Equifax and Trans Union. At times the credit
scores are also known as risk scores.

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