The realm of credit and credit scores has never been straightforward. In the United States, a credit score is the standard that businesses and professional lenders use to determine whether someone qualifies for a loan or a credit card.
Let’s say your client is in the market for a big purchase. They come to you for a loan to buy a house, a car, maybe a boat, or another sizeable item that requires a loan. The first thing you as a lending professional should do to make a determination on a loan request is to evaluate the client’s creditworthiness, which will better inform the client’s chance of repaying their loan.