Use of banking services and the opportunity to receive loans for equipment, mortgages or funds for business has been practiced in our country for a long time. The service is provided on an ongoing basis, which not rarely helps out in difficult financial situations. However, one mistake in the payment of a monthly payment under an agreement with a bank can turn into a spoiled credit history. That will necessarily entail restrictions, and in some cases a complete refusal in the further provision of funds. Let’s try to figure out how to avoid problems or fix existing ones.
What is credit history in reality?
Any requests for lending to banks, as well as the use by agreement of funds in a mandatory form, are monitored, forming bank credit histories. A similar accounting has been conducted by main credit bureaus. In fact, these organizations are databases with personal affairs and confidential information on every citizen of the country who has used banking services for ten years.
All banking institutions, when requesting credit, go to the archives for detailed information on the borrower. Such actions are not possible without the written permission of the client, which is automatically provided when a contract is concluded with the bank, before receiving a loan.
How is credit history formed?
Checking the credit history of banking institutions is carried out in the analysis of such personal data as:
- cooperation of the borrower with other banks. The archives provide a complete list of requests and contracts that the client has, opening, closing loans, the presence of overdue payments, and so on;
- online credit history provides access to passport data and an identification tax number. Also available is an overview of data on the employment of the borrower, his marital status, residence permit, property assigned to him and so on;
- registration of violations of the law, the availability of court proceedings and additional information about the processes related to the property (outdated loans, the arrest of an apartment, car, etc.).
Who can see person’s credit score?
Any citizen of the country can independently find out what kind of bank credit score belongs to him. All checks are paid, but do not entail spending much money for each appeal, the number of which is not limited. In addition, it is possible to issue a free request (once a year) by sending an application by mail directly to credit bureau. Detailed information can be obtained by going to the website like that https://www.transunion.ph/credit-learning-center/transunion-credit-report.
It is advisable to shed light on another, equally important service that will certainly help to keep the situation under control and avoid the risk of becoming a victim of fraudsters. To get a credit history online, as well as detailed information about payment under an agreement or an attempt to formalize a new agreement. It will also remind you of the necessary payments and the occurrence of arrears. All information is provided on a personal phone in the message.