First, for the individual, your credit record is as important as your identity card. If you have poor personal credit records, you may not be able to carry out banking-related transactions, such as applying for loans or using credit cards. Worse still, this situation may also affect your family, for example, the education of your children and the ability of the spouses to lend. It is worth mentioning, however, that most loans are usually cancelled after five years after repayment。

What's the impact of bad credit records

Then let's look at the concrete effects of bad credit. First, it can stop you from applying for a loan or a credit card. In addition, people with poor credit records may be restricted in travel, shopping and accommodation. In addition, if you are looking for a job, your credit records may affect your job opportunities, as many companies audit their backgrounds before hiring new employees。

Finally, let us find out more about personal credit failures. For example, malicious defaults, over-representation of personal liabilities or large-scale guarantees for others are all classified as poor records. In this regard, we need to remain vigilant, maintain good repayment habits and appropriate debt ratios, and be careful to vouch for others to maintain a good personal credit record。