Combating coronavirus: Don’t let Covid-19 wreck your credit score – ZAWYA

Combating coronavirus: Don’t let Covid-19 wreck your credit score – ZAWYA

Combating coronavirus: Don't let Covid-19 wreck your credit score | ZAWYA MENA Edition HomeWealthWealth ManagementArticleCombating coronavirus: Don't let Covid-19 wreck your credit score Credit scores are tools that lenders use to determine whether you are qualified for a loan, credit card or mortgage    When you're struggling to make ends meet, it is easy to cross out loan and debt payments from the long list of bills you have to settle for the month. However, experts warned this could lead to bigger problems in the future, and they are not only referring to interest and late payment charges: They are talking about your credit score.Credit scores are tools that lenders use to determine whether you are qualified for a loan, credit card or mortgage. It tells them whether you are a "good borrower" who is likely to pay dues on time. Keeping a good score would help you get access to financial relief when you need it most."Whether you are an individual or a company, the information in your credit report is used by banks, finance companies, telecommunication operators, property managers and others to support them in deciding whether to approve, reject or ask for more information during an application