Blog About Credit Reports Without Trials

Credit scoring is a method used by creditors in order to decide whether or not to offer a consumer credit and how much interest to charge.

Credit Reference Agencies

Information is gathered by credit reference agencies from a range of each consumer’s financial activities. For example:

• How quickly their bills are paid
• How many bills are paid late
• The amount of outstanding debt
• How many credit applications have been made over a certain period

Using this data the credit reference agencies, based on statistical information from consumers with similar profiles, will make a decision on the person’s ability to repay a loan, credit card or mortgage. Points are awarded for the positive aspects of a person’s financial history but negative aspects are also part of the equation.

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