Answer:
National Foundation for Consumer Credit.
Step-by-step explanation:
A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.
Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.
A credit score can be defined as a numerical expression between 300 - 850 that represents an individual's financial history and credit worthiness. Therefore, a credit score determines the ability of a borrower to obtain a loan from a lender.
This ultimately implies that, the higher your credit score, the higher and better it is to obtain a loan from a potential lender. A credit score ranging from 670 to 739 is considered to be a good credit score while a credit score of 740 to 799 is better and a credit score of 800 to 850 is considered to be excellent.
Hence, lenders look at the credit score of a potential loan applicant so as to ensure that he or she is financially responsible and would be able to repay the loan at the agreed upon date.
The National Foundation for Consumer Credit (NFCC) is a non-profit financial counseling organization that was established in January 1951 to provide financial counseling, insight, and promote financial responsibility among Americans. Thus, improving their financial health and promote smart financial decisions at all times.
The National Foundation for Consumer Credit (NFCC) can provide referrals to nonprofit agencies that provide counseling to people who can't resolve their credit problems by themselves.