Business, Legal & Accounting Glossary
A negative rating from the credit reporting agencies. Many factors can contribute to someone getting a “bad credit” rating, among these are non-payment of an account or late payments over an extended length of time. Whether non-payment of an account is willful or due to financial hardship, the result can be the same, a negative rating. However, lenders are more willing to work with individuals if the person contacts the lender to let them know they are having problems meeting their commitment to pay.
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This glossary post was last updated: 18th April, 2020 | 0 Views.