subject: Having A Poor Score On Your Credit Report Does Not Make You A Bad Person [print this page] Credit reports are a very influential piece of information that lets lenders know if you are trustworthy when paying back your debts. A poor rating on your credit report could result in high interest rates or complete denial of your loan applications. Knowing what your score is on these reports is extremely important.
In the past, people did not have to worry about a simple three numbered score. In fact, people knew that these reports existed, but there was not much talk about them. In the financially aggressive world that we all live in, these reports can either make or break a person.
People who have desirable ratings will be able to purchase anything that they require, and pay for the items or products at a later date. Without a high rating, your dreams of owning a home or vehicle, which are two of the biggest purchases an individual can make in their lives becomes obsolete. It seems silly that people are judged by scores, but the reality of the fact is that this is never going to change.
If you are one of the unlucky people who do not have a high rating, there are things that you can do to fix it. There are special agencies that you can hire to help you get your finances back on track, or you can choose to fix the issues on your own. Regardless of what avenue you take to rectify your poor rating, the truth is with a poor rating you will never be financially successful in the eyes of lenders.
The economic recession has caused a lot of people that used to have fairly decent scores to falter. With millions of people out of work, and even more digging themselves into debt to provide for their families, the number of people with poor scores has increased over the past ten years. The truth is, people who suffer from low scores are not untrustworthy, they were just trying to do everything in their power to ensure that their families were taken care of sufficiently.
However, in the eyes of lenders, a poor score equates to an irresponsible person. Lenders analyze applications that are filled out by people who have bad ratings in an adverse manner. They believe that because an individual has a poor rating that they are not financially responsible with their money.
This accusation could not be any further from the truth. Just because someone has the misfortune of having a low score does not mean that individual is not trustworthy with money. Some of the most trustworthy people are victims to low ratings.
