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This information is reported to Equifax by your lenders and creditors and includes the types of accounts (for example, a credit card, mortgage, student loan, or vehicle loan), the date those accounts were opened, your credit limit or loan amount, account balances, and your payment history.
A credit application serves two purposes: It is a data gathering tool and it is a contract. As a contract, it specifies the rights and obligations of both the customer and creditor.If the signer is not authorized to accept the terms and conditions of the credit application, they can't sign the application.
The present Unit on 'Process of Credit Application' covers various aspects like features and conditions for credit sales, identifying credit checks and getting authorisation, describing the process of credit requisitions, demonstrate the techniques for determining creditworthiness.
Identification and Contact Info. This one is a no-brainer as it is a requisite for pretty much any financial transaction or agreement. Social Security Number. Proof of Age. Income or Salary Totals. Employer Contact Information. Healthy FICO Credit Score.
The business credit application is your opportunity to prove that your business is an appropriate credit risk.These reports and business credit scores are used to decide not only if your business should be approved, but also what the terms of the loan or credit line will be if approved.