Posted on 07 January 2012.
Question by : what is "credit" and "credit check" ?
what is "credit" and "credit check" ? please explain it easily.
Thank you for the help
Best answer:
Answer by John B
Credit is buying something and paying it over time. Credit check is when a company looks at your reports to determine your elegibility to get credit
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Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date. When a consumer purchases something using a credit card, they are buying on credit receiving the item at that time, and paying back later to the credit card company. Any time when an individual finances something with a loan such as an automobile or a house they are using credit in that situation as well.
Credit checks are financial background checks which are performed to determine someone’s credit worthiness. It is done to check the record of an individual’s or company’s past borrowing and repaying, including information about late payments and bankruptcy. Most credit checks are run through credit bureaus, organizations which compile data about individuals and their credit history, although a credit check may also include calls to financial institutions and other entities for financial references.