Many people who intend to relocate to the United States do not realize that their positive credit history won’t travel with them because in general, credit history does not transfer from one country to another. It is important to build credit in the United States in order to qualify for loans, credit cards, and other business activities that require creditworthiness.
What is Credit?
“Credit” is when one party, usually a bank or similar lending institution, provides money or resources to another party without immediate reimbursement. Credit is generally provided with interest fees and/or other arrangement expenses. A lender will look to the creditworthiness of prospective borrowers before extending a line of credit. Continue reading