Credit Basics 101
What You Need To Know About Credit

Credit Reference

Credit is granted when an organization or an individual makes money enough to give its customers some of it to borrow. There are mainly two kinds of credit-

a) Home loans, or mortgages, and personal or shop loans are linked to a specific item or items and

b) Revolving credit on payment cards can give an individual access to a fixed amount of money that he or she can spend as he or she wishes, in a wide range of retailers and other outlets.

A credit reference can also be referred to as a credit history. It is handy information, which holds the creditors' personal information, be it of a person or an institution or an organization.

It provides dealers an account of credit applicants; past credential dealings in order to make a more accurate decision.

Credit rating agencies essentially play this role while working with consumer credit. Potential lenders, that is individuals or organizations or institutions that are interested in investing their money, consult with established credit rating agencies about appropriate applicants.

These initial talks are necessary, for it decides whether the said person, organization or institution is reliable enough to be granted credit.

Credit references help to assess whether or not if an applicant's credit history indicates proper, timely payments on all outstanding obligations.

A lender will be able to judge all by himself as to whether the applicant will make timely payments on the requested loan or not.

Credit references also show the applicant's bank account, what type of account it is, and also showing details about any overdrafts incurred.



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