Credit report of a person – is information about execution of loan commitments under got credits plus other public information. It is information about if the customer got loans in the past and how he paid them. The credit report also includes discharge of duties to pay for public utilities, contracts of mobile operators, etc. Relative to the other publicly available information – this is mainly data from public registers, such as information about stolen and lost passports.
In the first phase the information about the customer’s credit report is collected by financial institutions that gave him a credit (deferred payment) and subsequently use this information in case of client’s re-treatment for a loan. With the consent of the client financial institutions can pass a credit report to credit bureaus. At the moment not all financial institutions share data about customers’ reports with the credit bureau.
The reasons are varied, but generally retail banks assume the credit report the major strategic informational array, the transfer of which may lead to loss of customer base and allow other banks to raise their profitability (and hence increase their market share) due to the decrease of defaults on clients with adverse credit report.
There are different procedures of obtaining information about the borrower’s credit report. If the bank has a definite market share, first thing it checks whether an applicant received a credit in the bank, and if he received and now he has a negative credit report – the bank denies.
Further, if there is an agreement with the credit bureau, the bank refers to the bureau. The procedure of request is very simple – request online is sent to the bureau and the answer comes immediately online. It takes less than 3 minutes.
If an applicant applies for a large sum and there is enough time to make a decision, a bank with notaries can check whether an applicant was in the registers of mortgages in favor of banks. If such information was found in the registry, the customer may be asked to bring a certificate from the bank about the execution of payments.
Can you remember those good times when anybody could take a credit if one required money? And just imagine the condition of those who have to carry that burden nowadays when the economy is facing hard times. And for those people having credits the issue of credit report monitoring is as crucial now as never before. It is not only about loan monitoring, this also helps save money, time, and nerves and be quick in solving loan related problems. Those who are looking for a place where to learn about credit reports, are invited to check out this credit monitoring site – there is much information about loan monitoring and how to order that service.
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