Checklist on Factors when applying for Credit

Your evaluation of an application will depend on a number of factors.

If an individual is concerned then some of the things you will need to consider include:

• History of employment.
  
  
• Current position or occupation.
  
  
• Current income.
  
  
• How long the applicant has been employed.
  
  
• Details of the monthly obligations of the applicant.
  
  
• Details of the net worth, including bank balances and other assets.
  
  
• Credit report on the credit rating of the applicant.
  
  
• The amount of credit that is being sought.
  
  
• Make sure that the credit application is correct, current and complete.
  
  
• If you need to make enquiries with the employer then do so, but make the applicant aware that you may have to do this to verify employment as well as income.
  
  
• Some businesses will ask for a bank reference or some other form of recommendation or guarantee.

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