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Why is your credit rating important?

By the resi financial blog team, 15 August 2014

Credit ratings

Borrowers seeking a home loan need to make sure their credit rating is as positive as possible to avoid being refused by a lender, or charged a higher interest rate.

Lenders rely heavily on this credit rating to determine a borrower’s risk profile. The rating is found in a credit report provided by credit reporting agencies to lenders. If it shows a history of missed payments or bad debts, then the borrower may be refused the loan or asked to pay higher rates of interest.

The type of information credit reports contain include personal details such as name, ...

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