The presence of good credit history is the key to successfully submit an application for a loan. The borrower’s reputation is sometimes greater importance than wages.
Preliminary credit approval is made by scoring system, which analyzes all the actions of the loan borrower earlier. Therefore, it is very important to know about the quality of credit history before contacting the bank.
Credit history is a complete information on the current and past loans of the borrower, the delay in payments with the dates of their commission, the number filed in credit and financial organizations, bids for credit, as well as decisions on them.
Commissioners are engaged in the collection and storage of this information — bureaus of credit stories. Only 9 such companies are registered on the credit market, which have permission to process your credit data.
You can only receive information on your credit history on request.
Banks understand the urgency of the loan product, therefore, scoring systems are used to preliminary decision on the loan application. In other words, in order to save the physical strength of the Bank’s employees, as well as time — are used automated programs that can analyze your solvency in minutes. In addition, the Bank’s employee may request your ki’s credit bureaus on their own.
A bad credit history is considered to be such when the borrower had a delay in the past, many failures on requests, as well as if he passed the bankruptcy procedure. Spoiled ki will cause a loan refusal.
You can learn for free about the status of credit history only twice a year, then it can be made a paid unlimited number of times.
Often, banks spoil the credit history of the borrower without reason on that. So, with technical failures of the system, the bank client may be attributed to the exercise, which was not, or not marked with a loan, although it was closed earlier.
In this case, any citizen has the right to challenge credit history through a request for checking the credit history bureaus.