When you apply for a job, the employer will do a background check before hiring you. Banks and other lending institutions do something similar to make sure you can pay for the loan by looking at your credit score ratings.
The credit score rating is used not only in United States but other countries as well. How they call it and the figures they use may be different but it is designed to do the same thing.
How this is computed depends on different factors such as the amount of your outstanding loans, the length of your credit history, the types of credit you have used and any new credit.
Each of these factors has a certain percentage so your credit score rating could be from 350 to 750.
People who have a good credit score rating will be able to apply for a loan at a low interest rate. Those who are in the red will have to pay at a higher interest rate or have to face the fact that their request has been disapproved.
You can get a copy of your credit score rating by asking for a copy from an accredited agency. These are namely Expedia, Equifax or Transunion. If you browse through their website, you can already see it after you fill up the...
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