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Financial Terms / C - D / Credit history

Credit history

Credit history is a record of your ability to repay loans responsibly and on time. Over time, it is used as a record to judge the risk of lending to a particular individual. People with poor credit histories have difficulty borrowing money from financial institutions and are issued loans with much higher interest rates.

Lenders and creditors report your debt repayment activities to credit reporting agencies such as Equifax, which give you a credit score based on whether you pay the entire interest amount and your timeliness etc.

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