I would want to know about the person's credit history because;
As a loan officer in a bank, checking the credit history of a customer who needs a loan is very vital because it provides me with knowledge of how well the individual has repaid his debt on time and diligently too, in the past.
This can either assure the loan officer that the customer soliciting for a loan will keep to the agreement of repayment at a stipulated time, or dissuade him because he has had a record of bad credit in the past.
The Credit scores are used to quantify how well or not the loan seeker is doing in managing his finances and repaying debts. Fair Isaac Corporation (FICO) ranks good credit score as ranging between 670 to 739 when a score range of 300 to 850 is used. A poor credit score, using this same standard is less than 580.
Summarily, a loan officer will want to know a person's credit history because it is an indication of well or not a person has managed his debts in the past. It will also help in predicting if and when the new loan will be repaid.
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The loan officer check the credit history to find out the economic condition of that individual.
The loan officer wants to know the person's credit history in order to know the capability of that person to repay the loan. if the credit history is satisfactory means he earns sufficient amount of money every month so the bank will provide loan to him otherwise it is not provided to him because it is a risk for the bank to give money to such type of person so that's why the loan officer check the credit history of the person who is willing for the loan.
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