Credit is “a reputation for sound character or quality standing; an arrangement for deferred payment of a loan or purchase; and the time for deferred payment”. In today’s society good credit is the cornerstone to financial wellness. Without the security of having good credit, you are placing yourself at a big disadvantage. Many of the primary and recreational purchases made are done so using credit: homes, cars, televisions, boats, home appliances, gadgets, and motorcycles- just to name a few. If you have experienced any financial problems, such as bankruptcy, foreclosure, repossession, or just late payments, your ability to purchase these primary and recreational items using credit is severely restricted. There are businesses called consumer reporting agencies or credit agencies that keep a very close watch over you. You should be aware of it.
Consumer reporting agencies are businesses whose primary function is, to legally, gather and report your credit information. Companies and organizations through like pantherpaydayloans which you are trying to obtain credit use information from these agencies, about you, to make credit decisions. So, you may ask yourself why and how all of this vast information is gathered and how it affects you. Both are good questions, to which many people do not know the answers.