Getting a loan is not an easy task. It becomes even
more difficult if your credit score is way below the acceptable level, since
almost all the traditional lending institutions such as banks, lending
organizations and traditional lenders evaluate the credit report for
determining whether the debtor is worth the loan. In addition to this, there
are many other criteria set by these lenders in order to scrutinize the credit
worthiness of the clients who have applied for a loan.
For example, if you do not pay your credit card bills
on time, it will add a negative remark on your credit report. In addition to
this, features like bankruptcy, late or no payments, tax arrears
and debts also create a negative impact on the credit report. Being a
responsible citizen it is your duty and responsibility to pay the taxes such as
income tax, professional tax, property tax, service tax and many others within
the time as specified by the government of the nation. Conversely, if you fail
to do so, it would pull down your credit rating to a great extent thus limiting
your credit options.
Read more at http://www.canadalend.com/Services/BadCredit.aspx
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