Recent developments in Information
Technology has affected the way in which business transactions are conducted.
Loans, insurance services and credit transactions are becoming popular and
easier to manage.
Today, a customer does not really need to possess the
required amount of money to be able to purchase a certain good or service.
Funds can be made available by banks, retail shops, service providers etc. to
the customer for the transaction.
This fund comes in form of credit which has
to be repaid later. Loans can be borrowed from banks to finance a business,
build a house, buy a car etc. But before these funds – be it credit or loans –
can be made available, the customer’s credit status would have to be checked to
ascertain his/her creditworthiness.
Credit Rating is an estimate of
the ability of a person or organization to fulfill their financial commitments, based on previous dealings. How can a customer check his/her credit rating to
ascertain his/her creditworthiness and to also avoid possible embarrassment and
disappointment?
