What is Credit?
Answer:
Credit is defined as a Financial Arrangements or Financial Borrowings by one party from another party and the amount is repaid at a later date with or without interest depending on the terms and conditions. Here the first party is known as Debtor (or Borrower) and the second party is known as Creditor (Lender).
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What is my Credit Rating?
Answer:
Credit Rating is defined as the rating which is calculated by the Credit Bureaus for estimating the ability of a person to repay the debts. The Credit Rating of a person is also known as Personal or Individual Credit Rating. If Credit Rating is calculated for a short period of time like 1 year than it is known as Short Term Rating and if it is calculated for a long period than it is known as Long Term Rating.
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What Is The FHA?
Answer:
FHA stands for Federal Housing Administration, and it is a part of the United States Department of Housing and Urban Development. The FHA provides mortgage insurance on loans that are made by FHA-approved lenders throughout the United States and its territories.
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