What is Credit Scoring?
If you apply for a loan,mortgage,credit card,overdraft,contract mobile phone or even monthly paid car insurance the lender will 'score' you to predict if you will be a reliable on paying back the loan and your financial circumstances.Credit scoring systems differ from lender to lender,or product to product,So do not be misled into thinking that because one company has rejected your loan application that all companies will automatically do the same as this is not the case as they don't all use the same Credit Score System.
If you apply for a loan,mortgage,credit card,overdraft,contract mobile phone or even monthly paid car insurance the lender will 'score' you to predict if you will be a reliable on paying back the loan and your financial circumstances.Credit scoring systems differ from lender to lender,or product to product,So do not be misled into thinking that because one company has rejected your loan application that all companies will automatically do the same as this is not the case as they don't all use the same Credit Score System.
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