Borrowers with poor credit ratings are sometimes people who can’t afford higher interest payments. At first this seems like an unfair system which favors the wealthy, but that’s not true. Wealthy people have to earn their credit ratings through responsible use of borrowing. Everyone earns their credit rating this way, regardless of net worth. Some […]
Category Archives: Credit Rating
What is a Credit Bureau
As people borrow and repay money throughout their lives, they’re showing the world how financially responsible they are. Credit Bureaus are listening, and gathering data about payment histories – tracking people throughout their lives. That’s the goal anyway, but a credit bureau can’t magically track people. Many lenders want use credit histories to make decisions about […]
Borrowing money is risky
Most people take 15-20 years, accumulating enough wealth to pay for a house. If people had to save enough money to pay for an entire house before getting started, they wouldn’t be able to buy one when they need it. That’s the need to borrow money when buying something really expensive – this borrowed money […]