A poor credit score implies a high credit risk rating. It indicates that a consumer cannot handle new credit as they might be overwhelmed by current debt that they have. In this respect, a poor credit score would mean that lenders are highly unlikely to extend new credit to you.
A consumer with a high credit risk rating implies that lenders are likely to charge that consumer a higher interest rate for new credit.
Knowing your credit status is vital, especially if you are going to be applying for any kind of finance in the future. Debt Sage can pull your credit report and you’ll get an in-depth view of how much debt you have and assess your credit worthiness. Contact our debt counselling experts today on 010 005 5350 or send us an email at email@example.com or you can complete our free call back form and one of our consultants will call you back.