Why is credit rating important?
Credit scoring (rating) is the process where a lender determines how much of a risk you present if the lender decides to loan you money. Several factors are used to tabulate your score, including: • Promptness or lateness of payments • How much credit you carry • How many times credit reports have been requested and various other factors. Your credit score is a rating of your credit worthiness. To maximize your home buying power in the future, you should be concerned about your credit score.
