Question

There are many circumstances in which the principles of the 5 Cs of credit can be...

There are many circumstances in which the principles of the 5 Cs of credit can be applied. 


Utilizing the company that you work for or a company that you are familiar with, name one of the 5 Cs of credit, and discuss how it would come into play in the workplace. 


How can you use this C in situations that occur in your personal life?


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Answer #1

We can take the example of an individual when he is applying for a loan with any bank. The bank is usually going to test his character or credit behaviour before making a decision. This will help the bank to judge how the borrower is going to pay the loan back.

Now in order to establish the character or credit behaviour, the bank uses the credit bureau report in order to decide. In addition to this, employment history and financial strength also plays an important role.

It is very important for that individual to provide all these details to the banker to establish the relationship. It provides better opportunity for the banker to feel comfortable lending loan to you.   

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