Credit History Of The Borrower Part 1

The system of credit bureau is a very important for each bank, after it is all in interests of banks to communicate about borrowers.

That is why it is not a rarity the situation when on the borrower the mortgage in one bank “hangs” to extinguish indebtedness it takes the consumer credit in other, then in the third… And then begins problems with their repayment. Whether the credit history is necessary all the same, or for check of reliability of the borrower banks use other tools?

According to the law the credit history is set of the information on the borrower and the credit contracts concluded by it, consisting of open (title) and closed (confidential) parts. It should be stored in bureau of credit histories.

Bureau of credit stories is the legal body performing activity on reception of the information from appropriate sources, to forming, storage and handling of credit histories and also granting of credit reports on demand of users.

The first, title part of credit history contains personal information about the borrower: its surname, a name, the identifier of the subject of the credit history, appropriated to the borrower of bureau of credit histories.

The second, confidential part of credit history includes: passport data of the borrower; a place of registration and an actual residence; the information on obligations to bank. From the closed part it is possible to learn: about the obligation sum for date of the conclusion of the credit agreement, term of return of the credit in complete volume, term of payment of percent, a method of provision of obligations of the borrower under the credit agreement.

Also there is the information on availability and the maintenance of supplementary agreements to it, changing the information which is subject to inclusion in credit history, actual term of return of a credit amount, actual term of payment of percent, actual term of intermediate (next) payments is placed at partial obligation fulfillment under the credit agreement. From a credit history it is possible to learn the information on debt settlement under the credit agreement at the expense of pledge in case of a failure to perform or improper execution by the borrower of the obligations.

Change of a surname, name influences result of check of reliability of the client. It is necessary to make inquiry, having specified the previous data.

Also the decision of banks on credit issue can affect not only the information on the person of the potential borrower, but also its environment (for example if the near relation or the person registered with the borrower to one address had the spoiled credit history or problems with the law).

So in the following article we are going to talk about those issues that can spoil or improve your credit history. So just keep reading.

Do you still remember those good times when everybody could take a loan if one needed cash? And just imagine the state of those who must carry that burden nowadays when the economy is facing tough times. And for those people having credits the matter of credit monitoring is as urgent now as never before. It is not only about loan control, this also helps save money, time, and nerves and be quick in solving loan related issues. 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 much information about loan monitoring and how to order that service.

In addition we haven’t forget about possibilities provided to us by modern technologies. The Web network gives a truly unique chance to discover what we need or to get anything on the best terms which are available on the market.

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