Credit history – is a dossier containing information on the solvency liability of the borrower, the amount of his appeals to the banks, as well as approved and paid loans. To be interested in such dossiers must not only financial institutions but also the client. Every year on the Civil Code and the laws dedicated to banking, any natural person has the right once a year on a free of charge basis to receive a credit report or an extract from the CH. Moreover, a request for such a report is advisory but not binding. Yet all analysts advise not to ignore the recommendations and contact the Bureau of credit histories every year. And here’s why.
Preparing for a large loan. Why should you ask for a credit report before placing your car loan or a mortgage?
The primary objective of the credit report is considered to be a summary of the history of all requests, issuance and repayments of loans of the person. In the submission will be displayed dates and sums, including the number of days of arrears, penalties and the presence of active loans. There are situations when small banks forget to transmit information about the closed loan. Borrower is listed as debtor. And only for this reason, that is at the study of solvency, he can be denied in mortgage or car loan. If you notice deviations and “oversight” of financial institution you should in advance call back there and ask to fix your credit history. Active loans will be closed, and the chance to conclude a new credit agreement will increase.
And it also happens that the lender sends the wrong information in the credit bureau. Data on namesakes are confused and the wrong citizen becomes debtor. To request a credit report in this case – means to detect errors and to regain the reputation of a responsible, loyal borrower in time. For this you will have to visit the bank that filed incorrect information about their customers and to write a statement on the revision of history and correct inaccuracies there.
Thus, the answer to the question “Why do I need a credit report” is the protection of credit reputation and your own financial well-being. Therefore each borrower is recommended to contact the CRB annually.