Practically all citizens who made out a loan at least once have their own credit history. Without it, banks simply refuse to lend. In the meantime, for various reasons, it may be corrupted. Most borrowers fear it like fire. Of course, one cannot say that the desire to protect credit history from “stains” is so pointless. However, the mere fact of the presence of those in it is not always something completely irreparable.
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To begin with, a bad credit history can be the result not of the negligence of the borrower, who did not bother to make a payment on time, but as a mistake of the bank or the BCH, where all the borrowers ’files are kept. Such situations mainly occur when the loan itself already seems to be repaid. At least, the debtor himself of such an opinion. Meanwhile, an employee of a financial organization may not enter into the database the information that credit obligations were fulfilled. As a result, the debt continues to “hang”, fines are charged on it, and the borrower’s file is spotted.
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In addition, it is possible that the data of one person is erroneously entered into the credit file of another, which may have the same surname, or even a first name with a patronymic name. As a result of this confusion from the delay of an unfair namesake, an innocent person may suffer.
Clerical errors are easily repairable
The reason for suspecting a mistake can be groundless refusals, which suddenly begin to come from banks in response to requests for a new loan. Seeing the marks of delinquency, the next lender probably will not want to get involved with such a borrower, and therefore, most likely, he will refuse. It goes without saying that the bank will not understand the accuracy of the information received, having fully trusted the credit check. This problem can be solved by contacting the credit organization where the last loan was taken or directly in the account, especially since the law allows it to be done free of charge once a year.
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If the errors described earlier actually took place, then you will have to write a complaint to the bank with a request to correct inaccuracies. It is necessary to be prepared for the creditor to forget that the loan has been repaid and will require confirmation. Therefore, the application will have to attach copies of receipts for payment of regular contributions or a certificate of no debt, if any, by the borrower.
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It is quite another thing if a bad credit history was really earned by a borrower deservedly. In such a case, much will depend on how much the borrower is guilty in front of the previous lender. If the delay of a regular payment did not exceed a month and was a one-time, then there will be no big problems with obtaining a new loan. The most unpleasant thing that can then be expected of a person is a higher rate, which will act on a new loan.
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If the delay was much more serious, then we will immediately say – you can forget about large loans, for example, a mortgage. Even a consumer loan to such an applicant will be difficult to beg, and if it is given, then on the most stringent conditions.
If the problems with the previous lender have come to court, then whatever bank loans for five years for the borrower will be unavailable. The maximum that a job seeker can hope for is loans to payday loans or pawnshops who are more loyal to the debtors who have once stumbled. Of course, by working with such an unreliable category of individuals, private lenders reinsure themselves at the highest possible rate. However, loan processing in the same loan company can bring other benefits besides direct loan funds. The fact is that, having repaid several such loans, you can “clean up” your credit history in a short time.
How to get a loan with bad credit in Idaho?
Making yourself a bad credit history is not as difficult as some might think. To do this, it is not necessary to be some kind of fraud or just a careless person, rather ordinary chance.
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However, if you ruin the reputation of the borrower is not difficult, then fix it is not always easy. Sometimes it takes more than one year for a borrower. What to do if during this period there was a need for borrowed funds, because banks are wary of former problem debtors?