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Anytime you want to borrow money from a financial institution, they want to find out more about your past payment history. They can do this by reviewing your credit report. This report provides them with information on whether or not you make payments on time, as well as how long you have had credit experience. All of these factors are then taken into account to establish your creditworthiness. Your creditworthiness will determine if you will be extended credit by the financial institution. It may also be used to determine the interest rate or other terms.
|Jennifer Mathes, Ph.D.|