Home » Finance » Loans

The Importance of Your Credit Report

Aug 17, 2007
How important is your credit report? Many people do not consider their credit rating as something very important to them in the grand scheme of their life, but there are other people who, understand its great importance, are greatly worried about the issue. The people who should be worried are those who do not put much thought into how their credit report can affect their lives.

What do credit reports tell someone? They help to rate the risk that may be involved in lending you money. Lenders want their money and this report can help them in determining whether you are going to pay back the money loaned or not. A credit scoring process was created to help lenders determine whether you are a good risk or not, ans this number is used to either approve your loan or reject your loan. That is the basic purpose of the credit scoring process, but some more crafty lenders desire to get more loans and so they lend to high risk borrowers, due to the different categories of loans that they offer to you that depend upon your credit score. If you have a lower credit score, then your interest rate will be higher. You can pay up to twice as much as you would pay if you had a better credit rating.

There are many different things that you have to use your credit scoring for. This includes loans for cars, homes, education, and any other large purchases. If you have a low credit score, then it will be very difficult to purchase anything via a loan unless you are willing to pay the high interest rate and payments.

If you want to rent or lease a home your credit score may also come into play. Landlords want some assurance that you will pay your rent on time and this credit score can help you to show them that you are responsible. Keeping your credit score at a good level will allow you to find a quality home or apartment.

Some employers also use credit records to help determine whether they want to hire you or not. Most employers believe that there is a connection between a healthy credit report and the reliability of their future employee. This seems a little far-fetched, but many companies are moving this way regardless. That is just a few of the reasons that you should keep an eye on your credit record.
About the Author
William Gallas is the founder of http://mortgagesandsavings.getfinancenews.info/ ; a website specialized in car finance , resources, and articles. For more information on finances, visit
car finance .
Rating:
Please Rate:
(Average: Not rated)
Views: 113
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources