Credit History And Credit Reports.

Clearly, that credit histories are useful to banks: they allow the credit organizations to avoid superfluous risks at the decision of a question on granting to the client some loan. However experts assert that credit histories are useful also to borrowers who at a good credit history can count, for example, on indulgence at credit delay and even on a new loan.

Specialized credit bureaus collect credit histories from three to fifteen years. Meanwhile till now it is far not each borrower understands of what means the credit history. The modern economic dictionary makes following determination of the term “credit history”: “the data saved up for a long time on reception and returning bank loans by the borrower; characterizes reliability of the borrower from the point of view of return of the credit, it is used by banks at the decision on credit granting to the given borrower”.

It is clear that it is favorable to bank to have the information on a credit history of the borrower. As the general director of credit bureau has explained us that credit histories of clients allow “to minimize reception of credits by unfair borrowers”.

For borrowers the benefits were at first not so obvious. Clients simply were afraid that their data will get not only to bureau of credit histories, but also in hands of swindlers. To induce clients to share data on and the credits, banks have started to enter special programs of preferential crediting for safe customers, convincing them that credit histories help the client to reduce borrowing cost.

Special programs for the checked up clients assume disposal of commission payment, reducing of the size of the initial contribution, interest rate reduction and simplification of the procedure of registration of the credit. “Availability of positive credit history speaks about honesty and punctuality in duties discharge in the past and characterizes aspiration of the client to carry out of the obligations on credit return to the future in the presence of objective possibility”, – the deputy director on work with private bank customers speaks.

The Bank for the checked up clients twice reduces the commission for loan account servicing at credit registration, for example, 3 thousand dollars instead of 6 thousand dollars. Bank allows the client to save the commission at a rate of 1 % from the sum of a mortgage loan and from $100 to $200 for the car credit. At car purchasing in credit the bank can reduce the monthly commission on credits in dollars with 0,25 to 0,15 %, and on credits in the national currency the size of the interest rate decreases on 1 %. On 0,5 % for the car credit rate under the different programs. The banks can not only reduces rates under the credit, but also increases its sum. Also banks facilitate procedure of registration of the credit.

Can you remember those good times when practically anybody could take a loan if one needed cash? And just imagine the state of those who have to bear that burden nowadays when the economy is facing tough times. And for those people having loans the issue of credit monitoring is as urgent now as never before. It is not only about credit control, this also helps save money, time, and nerves and be fast in solving loan related problems. Those who are searching for a place where to find out about credit reports, are invited to check out this credit report monitoring site – there is lots of information about credit monitoring and how to order that service.

In addition we haven’t forget about possibilities provided to us by modern technologies. The online network provides us with a really unique chance to learn what we want or to get anything at the best price on the market.

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