What is a ‘Credit Check’?
A Credit Check is the process of checking a person’s background regarding payment history, and that they have the means necessary to cover their request. Checking a person’s credit before a transaction takes place maintains confidence that the party has enough credit to honor a transaction, and gives assurance for their creditworthiness.
‘Credit Check’ Explained
Records are then used by lenders to determine your credit worthiness, which includes your track record of repaying debts, in addition to your ability to continue repaying any debts. Your willingness to repay debts are indicated by past payments being made on time. Lenders look for debts that are being paid regularly and on time, and tend to focus on any payments that are missed.
The factors that determine whether or not a lender will provide you credit are income; the higher your income, the more credit you can access; which is your ability to repay the debt, and your willingness to repay past debts based on information obtained by your credit report, which is obtained by the initial credit check process.
There are many gamblers who use casino credit for their gambling entertainment, and there are a large number of land based casinos that offer ‘markers’ for players to use in the pit, or at a table, where all that is required is for the player to ask for a certain amount of chips, and they will be brought to the player where they will be playing.
All casinos will provide at least one way for you to obtain cash, some only offer ATMs. Others will offer ATMs as well as alternatives, such as check cashing services and marker action.
Check cashing services require filling out a short form with bank and residence information, and at first check cashing may be restricted to amounts under $100, but as a good record becomes established with the casino, this restriction is lifted.
Players who wish higher amounts are generally offered marker action by the casino, which allows the player to establish a credit line with the casino. This is typically done online or through fax, if done in advance, or in person by visiting the cashier cage at the casino.
The gambling industry uses Central Credit to perform credit checks, and this provides a credit report using the standard credit reporting leaders, such as TransUnion, Equifax, and Experian. Your current credit situation, your outstanding credit lines at other casinos, and your history with your current casino all come into play when establishing your new line, and will determine how much they wish to allow you to borrow.
You can expect to get a credit line of $5,000 with no trouble if your credit score is good, and you have made payments for other debts on time. The higher your annual income and better your credit score, the more credit you will be given. If you have been a regular customer at the casino, you can also expect to be given more credit.