Credit Scores are used by a variety of companies, agencies and institutions to help determine an individual’s Creditworthiness. For instance, Credit and Financing companies use Credit Scores to help determine the Interest Rates they will offer individuals seeking to purchase their products or services.
Credit Reports contain an individual’s current and historical financial information such as outstanding credit, current financing and overall payment history. Credit Reports are used to calculate and determine an individual’s Credit Scores.
Typically, the “Higher the Credit Score” the “Lower The Interest Rate” for a wide variety of Credit and Financing options.
How Credit Scores are used … some Employer’s use Credit Scores as part of their screening process to help determine if certain individual’s are “ideal” candidates for employment in their companies. Similarly, some Leasing Offices and Landlords use Credit Scores to help them screen and determine if certain individual’s will be “reliable and/or trustworthy” tenants.
Importance of Credit Reports … typically, the higher the Credit Score is, the Lower the Interest Rate will be for a wide variety of Credit and Financing options. It is important to periodically view and make any necessary corrections to Credit Reports in order to help maintain good Credit Scores and obtain favorable Interest Rates.
Some Employers use Credit Scores to help determine things about prospective employees such as perceived Reliability and Trust.
Whether searching for a Personal Loan, Business Line of Credit or Financing for a Car or Home … it is important to obtain and maintain a good Credit Score in order qualify for the lowest Interest Rates and consequently save the most amount of money.
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