Credit History: What Is This And Why It Is Necessary? Part 1

Banks should give the information on all given borrowers who have agreed to transfer the information to bureau of credit histories. Credit bureaus are included in special register of commercial organizations rendering services in forming, handling and storage of archives. They keep account, who from whom when and how much money was taken, how regularly the debt was repaid, and also provide storage of these data within 15 years. There are a lot of such bureaus and the bank is free to choose, in which of them to transfer the data.

The conventional bank concludes the agreement on rendering of information services from bureau, and then regularly hands over the renewed information on given credits and payments on them. Credit bureaus, in turn, inform the central bank system, actually, what they store. Employees of the catalog watch also that at bureau closing important data weren’t lost. The control of work of enough difficult mechanism all it is assigned to agency of financial markets.

Pay attention that it is strictly ordered to bank to transfer customer information only at availability on that its written assent. On one hand, the bank hasn’t the right to refuse to the borrower only because that wants to keep the circulatuion to the creditor unknown to “third parties”. With another the client is interested in that not to be secretive. After all, estimating risks, bank experts can come to conclusion that he has what to hide. It is suspicious! — And the bank can refuse in giving credit without assigning any reasons or under a specious excuse or not to refuse, but to compensate risks by means of the raised interest rate or the additional commissions.

3 parts of credit history

A title part is the basic biographical particulars of the person, the so-called subject of credit history.

The basic part: the sum of the received credits, terms of return, delay, change of treaty provisions.

The closed part: in this part is the information about what bank has given a credit and whose ever was interested in credit history of this subject. So the last part of the document is the additional (closed) part. It is actually very important information on the one who and when was interested in first two sections and also about what banks gave credits. If different users can familiarize with first two parts — we will tell, the banks checking potential borrowers, not everybody can get a success to the last part. All we designate an input it is permitted only from its written assent.

What does the credit history represent? It is the document consisting of several parts. In a title part the surname, a name is referred to as in the law is contained by “the subject of credit history»; date and a place of its birth; id data and other data. The second part is the basic. Here is contained: the sum of the received credit and term of its return, a regularity of brought payments, and also entering of all changes and additions to the credit agreement, the facts of consideration by court of disputes concerning execution by the borrower of obligations.

Can you remember those good times when practically anybody could take a loan if one required cash? And just imagine the situation of those who must bear that burden nowadays when the world economy is facing tough times. And for those people having loans the issue of credit monitoring is as crucial now as never before. It is not only about credit monitoring, this also allows to save money, time, and nerves and be fast in solving loan related problems. Those who are searching for a spot where to learn about credit report, are welcomed to go to this credit report monitoring site – there is much information about credit monitoring and how to order that service.

In addition we haven’t forget about possibilities provided to us by digital technologies. The online network gives a truly unique chance to discover what we need or to get anything at the best price on the market.

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