What is the FICO Credit Checker ? Why is it so important in the signing of loans being a strong reason to deny them?
At MaoriArt today we want to answer many of the common questions that clients ask here.
As you will see, the importance of these delinquency records is such that of all the variables used in the loan analysis it would be in our opinion the most important of all.
Only when we are in front of loans with Credit Checker being those that can be signed despite the Credit Checker can we avoid the problems of being included in one of these delinquent lists.
Because that's just what they are.
Credit Checker FICO, what is this delinquency record for and what is it for?
The function of this record is like that of any other delinquency list, that is, it serves to record the debts that a person may have.
That is what these lists consist of, in stating the debt of the clients in the lists so that they can then have it difficult on a day-to-day basis.
Among other things for the search for financing for example.
Most of the businesses whose activity consists in the realization and signing of loans do not usually accept clients when they have debts in Credit Checker.
This is because many of these financial companies consider the Credit Checker as a variable that measures the solvency of their clients.
Let's say that if the client requesting the money is in one of these delinquent records, it is assumed that he is not solvent.
It is not our opinion everything is said, in MaoriArt we are only showing you the point of view of the financial companies.
Credit Checker and why finance companies tend to reject their clients
If you analyze the loans that finance companies process, you will see how most are not made to solve complicated cases.
We can see it in banks and consumer finance companies specializing in signing personal loans.
None of these traditional finance companies can say they accept loans with Credit Checker.
Their loans in fact usually require that the financial situation of the clients is good at least.
That is why many people later find that they do not have access to this financing.
The requirements are so high that in the end people have to resort to another type of financing with Credit Checker .
In addition, the loans they offer usually try to limit the risk of the operation as much as possible, hence when they detect a negative variable such as the Credit Checker, they end up canceling the operation.
On the contrary, companies dedicated to loans between individuals will be able to sign this financing with Credit Checker .
Normally that if they will do it through secured loans since personal loans with Credit Checker cannot be said either these financial ones offer them on a regular basis.
Who works with Credit Checker FICO?
By the way, although in this article we are focusing everything on the FICO Credit Checker, there are other lists of defaulters such as the RAI among others.
The Credit Checker is perhaps the best known but it is by no means the only one.
Generally those who work or collaborate with the Credit Checker are the multinationals as well as the financial ones.
People take it for granted that only financial companies work with these listings and they don't.
Telephone companies, for example, are the first to work with these lists and are also the ones that most include their debtors here.
SMEs and small businesses, on the other hand, when working differently, do not usually operate frequently with this list.
Now that you know the FICO Credit Checker a little better, do you think it brings something useful to the financial market, what is your opinion of it?