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Impaired Credit

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Impaired credit
Result of a borrower's reduced credit rating.

Impaired Credit
A credit rating or FICO score that has recently been reduced. A company or individual may have impaired credit if its financial situation changes in such a way that there is a greater likelihood of defaulting on a bond or business or personal loan. Impaired credit makes it more difficult for a company or person to borrow more funds.


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It revealed four firms which lend to people with impaired credit histories had been referred for investigation over their treatment of borrowers.
Sales of existing and new homes have fallen sharply along with prices, while rising defaults on subprime mortgages, made to borrowers with impaired credit, have forced banks to tighten lending requirements.
Adverse credit mortgages are arranged for home owners and first-time-buyers with impaired credit files People with adverse credit are usually excluded from applying for mainstream mortgage products and are therefore forced to seek alternatives
 
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