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an interview, or by the submission of a specially prepared form
which is designed to score the credit rating. Credit scoring is a
method of measuring the risk factor in a personal lending
situation. By using this computer method, the bank saves on
management time, clerical costs, etc. The procedure only demands
the time of a junior clerk to see that the customer completes the
form correctly and such data as marital status, address,
employment, income, etc. is fed into the computer and the answer
is given. Should the answer be unreasonable, then the loan
application can be referred to a senior official. Credit rating is a
judgement made by a financial institution about how likely a
person or business is to pay their debts. Credit rating is usually
obtained through the banking system or through the credit analyst
whose function is to research into the records / affairs of an
individual or company to assess whether that person / entity has a
degree of creditworthiness (creditworthy -considered to be able to
repay debts).
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