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| What does No Credit History mean?
No Credit History means that the customer doesn't have previous data about taking out a loan and paying it back. This is why creditors rarely grant loans because they think that's too much risk involved and there's no guarantee that they can recover their lost money.
For example your applying for a loan but you don't have any credit history. Usually lenders check your history and then assess if you'll get the loan what you desire and on what terms. But in this case there's no data so your a potential risk. There are creditors who give out loans for you to increase your credit score and make a history. Though this comes with a cost, you won't get the best rates like a normal customer. | | | | |
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