How To Leave A Trace In A Credit History? Part 1

With development of system of financial services and banking markets there are new possibilities to lower risks and expenses caused by them as from banks, and their clients that is especially important for such long-term credits and as mortgage. One of such possibilities is forming of personal credit history of the client.

More and more people prefer to live “in credit”. Volumes of the credits which have been given out by banks grow every year. Loans in the form of mortgage loans used the greatest popularity: on the security of apartments and apartment houses. It is no wonder that in the beginning of this year banks have reflected on toughening of requirements on issue of credits to the population.

Banks have started system of scoring managing that is estimations of reliability of this or that client. In this plan special value acquires not only such factors, as a financial position of the client, but also its credit history. Its registration will help the diligent borrower to improve own reputation for all bank system and to apply for reception of its services more favorable conditions.

About it and also about mortgage lending we are going to talk today.

Mortgage is important for our population owing to backwardness of the market of rent of habitation. If abroad there is a layer of businessmen which lease the whole houses and live at the expense of it. For people it is important to have habitation from which they won’t be expelled. WE all have such mentality. Feature of mortgage loans is in that first of all they are given for long term. If to compare to consumer loans which now can be arranged at purchasing of the goods in many shops there are considerably great sums, but they are given under more low interests.

It is caused by smaller risks compared with consumer loans: if you have purchased apartment and can’t pay off, you sell it with bank, the apartment goes on the security. At consumer crediting to the borrower it is shown less requirements because the smaller sums, but risks thus stands out higher. It is possible to take a consumer loan. And than risks become covered? In the big percent. Someone hasn’t paid, someone else pays for it. If credits for apartments offered under the same percent as on home appliances and other goods no one would take to pay off on such sums and with such percent.

Why there is a necessity for creating bureau of credit histories?

Today in our banks the diligent borrower, as a matter of fact, pays and for the unfair. The quantity of borrowers and their credits grows, therefore more and more actual there is a construction in risk management system banks. For banks it means first of all use of new technologies in bank — systems of handling of requests, scoring modeling of system of return of indebtedness and others. Other constituting such system there is a work with credit bureau. When the bank works with the person, it sees only that information which to it is given by the client or that information which it got if this client already addressed to the bank. And the person at the moment of circulation can already have credits in several banks and still it is not known, how he pays it, whether pays in general and whether he will repay the new credit honesty. And the bureau of credit histories allows using the information given by several financial organizations.

Do you still remember those good times when everybody could take a loan if one required funds? 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 credits the question of credit monitoring is as urgent now as never before. It is not only about credit monitoring, this also allows to 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 go to this credit report monitoring site – there is much information about credit monitoring and how to order that service.

In addition we shouldn’t forget about possibilities given to us by modern technologies. The Internet network gives a really unique opportunity to find what we need or to obtain anything at the best price on the market.

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