The Importance Of Proper Credit History Part 1

The importance of proper credit history Part 1

What threatens the careless borrower? So let us talk about those threats that can really spoil your credit history and have a bad influence on your entire financial situation. I am sure that you won’t skip this important information and will find out for yourself of what you should do to avoid it. So let us start.

The number of citizens which can’t pay off under credits has sharply increased in many countries because of an instable economic situation. According to the Ministry of Justice to court enforcement officers every month comes more than 80 thousand executive documents on non-payers of credits.

For two months of this year it is imposed over 13 thousand arrests on property of debtors. At court enforcement officers already are more than 730 thousand executive productions on nonpayment’s of credits for really great sums. It is a question of debtors against whom banks have brought an action, and on whose affairs it is already passed the decision. In a reality, there are naturally more non-payers under credits. It is statistics of many countries. I do not think that as a whole the situation differs all around the world.

Unconditionally, banks have now toughened requirements to borrowers; carefully check their credit history and credit reports, level of incomes, guarantors. Today everyone should understand that they create their own credit history.

All information on the borrower is formed in a computer database of monetary institutions, in bureau of credit stories, these data then are used by banks, and is exchanged with monitoring bodies. And, it is not only data about loans and delays on payments, but also the facts connected with administrative and other infringements of the law. For example, penalties for infringements of traffic regulations, non-payment of taxes, delays on payment of the electric power, utility bills, cellular communication, guarantee contract non-execution.

The most important in this matter is that the penalty sum, as a rule, there doesn’t appear. That is, the person that has a fee of 5 dollars for the cellular operator has run into debt or hasn’t paid the tax has no special value. The fact of infringement is important. Finally at circulatuion in bank behind the credit availability such “a black label” threatens the borrower with rating decrease, and, most likely, refusal.

It is important to notice that the accurate clients paying in time under credits obligations are completely protected by the existing legislation and bank normative documents. Moreover, the positive credit history warrants to the borrower additional benefits and preferences on the commissions and interest rates. So remember it as it can really help you improve your financial situation and help you to avoid the situation to get into the debt.

Can you remember those good times when practically anybody could take a loan if one needed money? And just imagine the condition of those who must carry that burden nowadays when the economy is facing tough times. And for those people having credits the issue of credit report monitoring is as urgent now as never before. It is not only about loan monitoring, this also allows to save money, time, and nerves and be quick in solving loan related problems. Those who are looking for a spot where to learn about credit reports, are invited to check out this credit report monitoring site – there is much information about loan monitoring and how to order the service.

Also we haven’t forget about possibilities provided to us by digital technologies. The online network provides us with a really 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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