Most consumers have heard of the credit score and the various credit reports that are available. Many consumers understand that these files are based on a person’s level of debt and the manner in which that debt was repaid to the lenders. There are other issues, though, that are less obvious to most consumers, yet they can have a profound effect on what is known as creditworthiness. This article explores some of the lesser known variables that affect a person’s creditworthiness.
It is important for consumers to understand that debt is the fuel that runs the credit reporting machinery. If there were no debt there would be no need for repayments, and without repayment there would be no need for reporting. Every credit report is basically a log of debts incurred and the history of how those obligations were repaid. It reflects whether or not a particular loan was paid on time or if it was late. It details the consumer’s income as compared to his or her outstanding loans. It contains personal information as well as any legal actions that may have occurred during the course of the report.
As you can see, debt is the catalyst. Debt and how it is...
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