Though you try to stay on top of your bills at all times, a time may come when you need to request a forbearance. We want to give you some insight as to what a forbearance is and how it might affect your credit.
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A credit score is a measurement of how reliable you are with the funds that the lenders entrust you with. The score is a clear-cut number on which many lenders base their decisions. The credit report is a lengthy and detailed version of the score. It tells a story about your spending habits and whether you make your payments on time. It tells lenders if they should consider you as a low or high risk, as well.
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Do you know the disappointment of finding out that someone isn’t as trustworthy as they presented themselves initially? That hurts in personal relationships, but most people don’t realize that it’s a factor in the financial world as well. You can tell a lender that you have stable employment, pay your bills and are trustworthy for a loan, but they need something to back up your word. That’s when they check your credit report and let your history speak on your behalf.
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