Bad Credit

Bad credit generally refers to cases where a person has failed to repay a loan or other debt and therefore receives a bad credit rating. A bad credit rating can prevent a person, or business, from receiving credit in the future as the lender will generally check the credit rating of anyone applying for a loan or other form of credit. A bad credit rating will usually remain with the person for a period of seven years. Bad credit can occur where a borrower defaults on repayments for any form of debt including credit cards, personal loans, motor vehicle loans or mortgages.

 

More Definitions