For banks, credit history is the financial reputation of a particular person. She shows how responsible he is. This is especially true of large companies that do not have a shortage of customers.
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If loans are closed on time and no delays are allowed, banks will not only approve the application, but also offer more favorable terms.
Not the fact that credit score will play a significant role in determining the reliability of the candidate.
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Credit history can deteriorate not only because of the bad faith of the client, but also because of technical problems, mistakes of employees and even because of the actions of fraudsters.
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In the first case, the negative information will help to block the positive. It is only necessary to show the banks that now we have become responsible. More on this later.
In other cases, when the information is wrong, prevention will help. Check your credit history. Once a year for free, then $100. If you notice an error in it, contact the credit bureaus (BCH) and prove the opposite.
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Correcting the history will not work only for those who have more than 90 days overdue for two or more loans at once. In all other cases, the situation is resolvable. It remains to figure out how.
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There are two types of loans that apply to people with a bad credit history – commodity and consumer.
#1. Commodity loans
Noticed bank racks in electronics stores? The task of the field staff is to persuade visitors to buy on credit.
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Such loans are no different from others. Information is also sent to the credit score. So, they are suitable for our task.
To get the money you will need a passport and goods. The procedure takes 15–20 minutes. The manager will fill out the documents and send them for review. If the bank approves, then the money will be transferred to the store account and we receive the goods.
The disadvantage of this method is the increased rate. But if you take an inexpensive product, the overpayment will be invisible. If the contract allows, then the loan can be repaid ahead of schedule. So, without overpayments.
# 2. Consumer loans for those with bad credit Kentucky
The last way to improve credit score is to apply for a consumer loan.
The likelihood of getting approval from a bad credit score is close to zero. We’ll have to go around dozens of institutions. Or use the services where one application is sent immediately to 100 banks or loan companies .
One of these services:
Correcting credit history errors
Even a bona fide payer can have a bad credit history. For example, due to a bank error. In this case, the problem can be solved in two ways.
#1. Through the bank
Contact the bank that sent the wrong data to the history bureau.
Banks have special application forms for such cases. Carefully fill in the paper: describe the circumstances and attach proof of your case.
For example, if due to a malfunction in the technology, the information on payment in the credit score is gone late, you need to attach a receipt indicating the date of payment.
As practice shows, banks respond to applications and make corrections. But not always this method helps to achieve the truth, so there is a second option.
# 2. Through the credit bureaus
Employees of the credit score can also correct information about the borrower in manual mode. If you cannot reach the bank, contact them.
Issue a statement, attach proof (checks, extracts) and transfer it to the credit score. In this case, changes are made within 2−3 months from the date of application.
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Credit history is a financial document of a person. To not spoil it – you need to pay on time. If the credit score is already damaged, take a microloan, a new loan, get a credit card or use the program “Credit Doctor”.
A good credit history is not only a positive response to an application, it is also a minimum loan rate and large limits.
If you have personal experience in solving such problems or have any questions about the topic of the article, be sure to write in the comments – be sure to answer!