Impaired Credit

[Eugine]

Impaired credit occurs when an individual's or corporation's credit rating is reduced. The credit rating refers to an estimate of how likely someone is to pay back a loan and how responsible that person has been with money. Credit ratings are used to determine whether to lend money, and if so how much. As such, an impaired credit rating can be a serious hindrance. Both individuals and private companies have credit ratings. A private person's credit rating is normally kept by Experian, TransUnion and Equifax, which are considered to be the three major credit bureaus. A business credit rating may be administered by Equifax Business or Moody's and may be published by Standard & Poor's.

[debtty]

Its an the deterioration of a borrower's credit rating.