Introduction ( Credit Score)
Lender created credit score to establish credit worthiness.
The data of the borrower will be accessed and processed in the specific algorithm to predict future behaviour of the borrower.
The data might be held from the credit agencies such as Call Credit, Experian and Equifax.
Establishing credit history important. No credit history will cause it difficult for you to obtain credit for instance or a contract for mobile phone.
Steps need to be taken to establish credit score. Many lenders or utility provides have their own scoring system but may still rely on major credit rating agencies
The most popular agency is Experian. It has its own credit score.
The score ranges from 0 to 999.It is presented in the forms of pie chart later divided into 5 colourful parts. Red indicates very poor credit score, orange indicates poor credit score, yellow is fair, light green means good credit rating and dark green indicates excellent credit score.
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