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What is Credit Worthiness?
Credit Worthiness is an assessment of your credit credibility through a credit rating report.
A credit rating report is produced by a local credit bureau. It has your credit payment history, compiled from different financial institutions that you have a credit line with, or which you have taken a loan from. It typically gives you a score or rating based on how promptly you pay your credit facilities such as credit card bills.
It is important as most lenders rely partly on your credit history shown in the report to assess your credit worthiness - or the likelihood of you defaulting on payments - when you apply for a loan or a credit card. Increasingly, more consumers are also buying their credit rating reports from bureaus to evaluate their own financial data and liabilities.
What is Credit Rating?
Credit Worthiness is an assessment of your credit credibility through a credit rating report.
A credit rating report is produced by a local credit bureau. It has your credit payment history, compiled from different financial institutions that you have a credit line with, or which you have taken a loan from. It typically gives you a score or rating based on how promptly you pay your credit facilities such as credit card bills.
It is important as most lenders rely partly on your credit history shown in the report to assess your credit worthiness - or the likelihood of you defaulting on payments - when you apply for a loan or a credit card. Increasingly, more consumers are also buying their credit rating reports from bureaus to evaluate their own financial data and liabilities.
What is Credit Rating?