Consequences of a bad credit score.
– Not paying your accounts on time or at all can result in you not getting further or desired credit when needed.
– Lenders will see you as a high risk, meaning that should they decide to take on that risk, they will charge high interest rates compared to someone with a good credit score.
– Depending on what industry you are in, some industries such as banking, for example, check a potential employee’s credit report and score. They consider a bad credit score as someone who is not trustworthy to work in a banking environment.
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