The impact of poor credit histories on customers is a growing concern for many brokers. A recent poll of brokers revealed that the majority of them believe that the current economic climate is making it increasingly difficult for customers with poor credit histories to obtain financing. This is due to lenders becoming more stringent in their lending criteria, making it harder for those with bad credit to secure a loan.
The poll revealed that nearly three-quarters of brokers believe that the current economic climate has had a negative impact on customers with poor credit histories. This is largely due to lenders becoming more cautious in their lending decisions, as they are more aware of the risks associated with lending to those with bad credit. This has resulted in lenders being less willing to take on customers with poor credit histories, as they are more likely to default on their loans.
The poll also revealed that brokers are expecting a difficult year ahead for customers with poor credit histories. This is due to the fact that lenders are likely to continue to be cautious in their lending decisions, as they are aware of the risks associated with lending to those with bad credit. This means that customers with poor credit histories may find it increasingly difficult to secure financing in the near future.
The findings of this poll highlight the need for customers with poor credit histories to take steps to improve their credit score. This can be done by making sure that all payments are made on time and by taking steps to reduce any existing debts. Additionally, customers should also consider seeking advice from a financial advisor or credit counseling service in order to better understand their options and how to improve their credit score.
In conclusion, the findings of this poll reveal that the current economic climate is making it increasingly difficult for customers with poor credit histories to obtain financing. This is due to lenders becoming more cautious in their lending decisions, as they are aware of the risks associated with lending to those with bad credit. As such, customers with poor credit histories should take steps to improve their credit score in order to increase their chances of securing financing in the future.