payment-history

Vocabulary Word

Definition

'Payment history' is a track record of how you've handled your bills and payments over time. It's important because it shows if you are reliable when borrowing money.

Examples in Different Contexts

For personal finance management, monitoring 'payment history' helps manage credit health. A personal finance advisor might suggest, 'Regularly check your payment history to ensure all transactions are accurately reported.'

Practice Scenarios

Real Estate

Scenario:

We have received several new rental applications. Do we have criteria to gauge their ability to pay their rent regularly?

Response:

Yes, we should ask for their payment history as part of the application process. It will guide us in making confident rental decisions.

Mobile Telecommunications

Scenario:

We're reviewing customer accounts to identify those eligible for an upgrade to more advanced plans. What criteria are we basing these upgrades on?

Response:

One of the criteria should be their payment history. A consistent history could be rewarded with an upgrade opportunity.