Lenders Will Do A Credit Check
A credit check of the loan applicant is done by potential lenders before granting mortgages, personal loans, refinancing or other loans. The three agencies that are primarily used are Trans Union, Equifax, and Experian. The lender does not rely only on credit scores to give you the loan, but also checks three factors Capacity, capital and Character.
Capacity indicates your ability to make payments on time. A steady job, your salary and other payment determine this ability. If you do not have a steady job and a good salary you cannot pay back easily. Also if you are making payments for other loans you may not be able to attain another if you do not have the capacity to pay back.
