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Creditworthiness

Creditworthiness

A crucial factor in determining whether a borrower is eligible for a loan or credit. It is a measure of the borrower's ability to repay the loan and their risk level to the lender. Creditworthiness is assessed by looking at a borrower's repayment history and credit score. A person with a good repayment history and a high credit score is considered more creditworthy and less risky to lenders. This means they are more likely to get approved for loans and credit and obtain lower interest rates. On the other hand, someone with a poor repayment history and a low credit score may struggle to get approved for loans or credit and have to pay higher interest rates if they do. Building and maintaining a good credit history is essential for financial stability and flexibility in the future.
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