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Could anyone explain me what is credit check?

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Could anyone explain me what is credit check?  Reply with quote  

Could anyone explain me what is credit check?
Post Fri Jun 22, 2012 5:55 am
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In a few words, credit check is a history of your payments to creditors and credit bureaus. The main idea of a credit check is to show if it's risky to borrow you money. For example, if you have debts, late and missed payments it can be difficult for you to take out a loan and you can be rejected, but if everything is okay and your credit history is in order than you will have no problems with taking out a loan and doors of all the banks and lenders will be open for you. There such lending options like deleted which you can get even if you have a bad credit, but if you are going to take out traditional bank loan or personal loan, car loan or etc you may have some problems, because the lenders will demand your credit check and if your credit history is no good you can be rejected.
Post Tue Aug 07, 2012 11:10 am
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Employers and land lords in some areas may also hold bad credit against you.

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Post Tue Aug 07, 2012 1:15 pm
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Credit check is the review of your history in using credit.

Credit Card Companies, lending companies, and now days some employers, would want to review your credit history to evaluate risks associated with lending to you.

Credit history shows our past behavior when it comes to manage our money, and our integrity and good decision making I guess.

Her eis the United States, it is our right to get a free credit report a year.

This website from the ftc guides you on how you can get your yearly credit report:

Post Fri Aug 10, 2012 12:23 am
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Above is the place to get your free report. Note that it is not your score. It is the data the three bureaus use to calculate your score. You don't really need your score, so don't pay for it. Your lender needs the score, so he'll look it up when you try to borrow money from him.

You can get one report from each bureau once per year for free. Each one will try to sell you your score. Don't do anything on these sites to send in money. There is no value to knowing your score, except for bragging rights.

Post Fri Aug 10, 2012 3:17 am
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Post Fri Aug 10, 2012 6:46 am
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A credit check report contains information about your borrowing history. Lenders and others provide information that ends up on credit reports. They report how much you’ve borrowed, how you’ve repaid, and other details about your borrowing behavior.
Post Fri Oct 26, 2012 1:46 pm
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it is the information regarding to creditors. This information is important when you apply for a loan. Most lenders like to give loan for them whose credit score is excellent. it play an important role in processing your loan application and many financial deals.
Post Mon Jan 28, 2013 3:32 am
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