Credit rating is obligatory when the lenders need to share some information about you and it is also been done to protect their interest that the client will one day repay the loan. In this what happens is that all the lenders remain in the sync with each other and keep the information of the client with each other so that they can share the information together because if a lender gives money to the client then tomorrow if another client gives the money to the same client then it becomes difficult for the client to pay it off the loan which has been taken so they both can collaborate together to prevent this misunderstanding.