Each borrower after the first appeal to the bank to obtain a loan is formed a credit history. And today, almost every able-bodied citizen at least once applied for help to a credit organization. And if earlier the loan officer looked primarily at the level of income, then today the first criterion for approving a loan is a good credit history. Unfortunately, not everyone can boast of having one. But still many have the opportunity to fix it. How to change a bad credit history we will understand in this article.
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A borrower can spoil a credit history, without regularly paying obligatory payments. Sometimes the story worsens due to the carelessness of employees of credit institutions. Undoubtedly, the appearance of such an error is unlikely, but, nevertheless, such cases are. That is why each borrower has the right to contact the credit bureau annually. This is necessary in order to get access to your credit file.
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The credit history contains financial data about the borrower. It contains personal data, as well as information about all obligations of the borrower to banks and other credit organizations. The credit bureau reports this data to the financial institution that provided the loan to the client. Many people call credit history “financial passport”. Indeed, in one document you can find out about all customer payments, about timely or early repayment of debt.
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The credit history is divided into three parts. The first contains the personal data of the borrower. The main part contains the data on all credit obligations – the amounts and terms of the loan, the repayment terms, and the timeliness of interest payments. In an additional part of the credit history, data is entered on which credit organizations the borrower applied to.
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A technical error may be made in any of these parts when filling out, which will ruin the credit history. Therefore, it is recommended to check your credit history once a year to make sure that the data in it is true.
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Note! Check your credit history regularly. Take some time for this once a year. After all, then you may be denied a loan, which will be so necessary.
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However, very often the credit history deteriorates due to the fault of the borrower. For example, if payments are paid after the deadline, not in full, or if the borrower is simply physically unable to pay off a large number of loans issued. All this is reflected in the credit history and in the future it may become a reason for the bank to refuse to grant another loan.
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However, even the worst credit is an opportunity to correct, if you take it up in a timely manner. If an error is made when filling in by staff, the story can always be rewritten. It takes from several days to two to three months. If the borrower himself is to blame, then he can only try not to make similar mistakes in the future and pay all sums in a timely manner. In the calculation are taken not only payments on loans, but also on taxes, utilities and the like.
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Note! If you are the culprit of a bad credit history, do not give up. It is possible to fix everything: just be honest customers for a certain time.
If within two years the delinquent borrower will show that he has corrected, then banks will be able to conclude that he is a trustworthy client. After this period, he will be able to count on a positive decision of credit organizations. In order to put credit history in order, it is necessary to repay all payments on a new loan in a timely manner. After that, you can apply for a loan for higher amounts and acquisitions.
It is important to remember that the second time the credit history can not be changed in this way.