subject: Extending Credit To Individual Requires Knowledge Of That Individuals Credit History [print this page] Applying for individual credit requires filling out an application form that requires information to be furnished by the applicant such as marital status, full name, date of birth, address, social security number, contact phone numbers, email address, home address as well as current employment information. You would also need to furnish details about your income and list all of the assets in your possession, or which are owned by you which would include cars, boats, yachts along with make, model and also list debts owed with names of creditors and the amounts outstanding.
The individual credit application will also require you to furnish details of whether you have ever had repossession with relevant details in case of an affirmative answer. You will also need to state whether you have ever filed for bankruptcy, are a co-signer to a loan, have any judgments or liens against you, and whether there are any support or maintenance awards pertaining to you.
Some companies that you apply to require many details including trade references, bank references and will also make a credit check to ascertain your credit rating. A good credit rating will do you a world of good when you make an individual credit application because the company that you apply to will evaluate your application and inspect your credit history before arriving at a decision. As an individual applying for credit you should know that the information that you provide should be true and accurate, and that you are protected under the Equal Credit Opportunity Act in which you cannot be denied credit on the grounds of your race, sex, marital status, and religion or age or national origin.
Once you have filled out the application form fully and truly, your application will be considered for approval or otherwise. Usually, the approval or refusal of the application depends on the credit report that relates to the applicant which is obtained from a credit reporting agency and is used to assess the application. In case the application is refused the credit provider need to inform the individual through a written notice, which must state that the application has been refused based wholly or partially on the outcome of its credit check.
The individual credit application form is readily available in the market and finding one should not pose any problem as there are many vendors who specialize in such documents and for a few dollars one may obtain completely researched and well formed individual credit application form. There is no need for researching and creating one from scratch as buying these documents provides an avenue for obtaining comprehensively created solutions that have had experts draft them and they are suited for all manner of use. Spending a few dollars, one could reap great benefits as there is plenty to be saved in terms of time, money and cost as well as being tailored to suit individual requirements.
