Credit Rating Definition: Credit ratings are assessments based on a consumer or borrower’s ability to repay loans and overall creditworthiness. Credit ratings take a number of factors into consideration, such as making regular payments towards a loan, meeting financial obligations, timely payments to local utility bills, wireless accounts, and more.
This rating is used to assess and assign a value to a corporation, organization, and individual accounts and applies to government authority accounts. These evaluations give borrowers an indication of whether they can afford a loan. Ratings are assigned using the FICO credit scoring method or with values assessed by a credit bureau.
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