A credit score is information about a borrower, which is stored in a credit bureau, which contains information on the fulfillment of the obligations assumed under credit agreements concluded with banks.
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Before deciding to issue a loan, the bank must assess the degree of risk that it assumes. There is always a chance that the borrower will be unfair and for one reason or another will not pay the loan on time and in the proper amount.
That is why banks require potential borrowers to provide a certificate of income, sometimes – to bring guarantors or to provide a loan with collateral. And, in addition to this, always, without fail, study the client’s credit history.
Credit scores of borrowers are stored at the American Bank – a special bureau was created specifically for this by the regulator.
A credit bureau is a specialized financial institution that accumulates data on all loans received by individuals and (or) legal entities in order to reduce the credit risks assumed by lenders.
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The main function of the credit bureau is to provide truthful and complete information and the relationship of a potential client with bank loans. Thanks to such a centralized base, International banks can receive information easily and quickly.
In accordance with this document, the credit history is understood as information stored in the National Bank, which characterizes the subject of the credit history and the fulfillment of its obligations under credit transactions. This information includes:
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For individuals – name, passport data
For individual entrepreneurs, the registration number in the Unified State Register of Legal Entities and Individual Entrepreneurs, the payer registration number and its main type of activity
For legal entities and foreign organizations that are not a legal entity under foreign law – name, location, registration number, type of activity, and so on.
Information about the obligations of the borrower
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About the loan agreement – number and date of its conclusion of the agreement, loan amount, loan currency, loan terms, method of ensuring fulfillment of obligations under the contract
About the amount of the loan debt (except for the revolving line of credit), the amount of overdue payments, interest and loan fees, as well as the dates to which this information corresponds
About the contract of guarantee – the number and date of conclusion of the contract, the period for which the guarantee is given, the amount to be returned by the guarantee, the name of the currency, the responsibility of the guarantor (that is, if you are the guarantor of the loan, this will be displayed in your credit history)
Here are the main points that are contained in the credit history. There are some other points, but they are not so important.
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A credit report is a document containing information generated by the National Bank on the basis of information included in the credit history and which the National Bank provides to lenders (banks) and other persons entitled to receive this information.
Any citizen of US has the right to see your credit report. It can be obtained, personally or by proxy, by contacting the appropriate unit of the National Bank. You must have a passport or other identification document with you. If you are a representative of a legal entity, you will need a document confirming your credentials.
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Contrary to the saying “what is written with a pen, you cannot cut it down with an ax”, it is quite possible to make changes to the credit history. However, this requires good reasons – for example, if the bank provided incorrect information to the credit bureau because of a technical failure or carelessness of the employee. In order for the bank to double-check the accuracy of the information submitted, it is necessary to contact the National Bank with a statement, the form of which can be downloaded here. If the information is considered unreliable, the credit history will be amended. The term of consideration of your appeal will last no more than 30 days, after which you will be informed about the results, and if the credit history has changed, you will be given the opportunity to receive a credit report free of charge.
What else do you need to know about credit history? The bank, in order to get your credit report, you must obtain your official permission. Information on loans is kept by the credit bureau for 15 years after the completion of the transaction, and 45 years in case the loan debt has not been repaid.
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If the bank refuses to grant you a loan, this does not mean that you have a bad credit history. Perhaps you just did not have enough monthly income or you have an unsuitable age for lending. However, remember that the bank is not obliged to notify the client about the reasons for refusal in the loan. Therefore, if you are still refused, it will be useful to check your credit history, even if you are 100% confident in your good faith. As already mentioned, in theory, the credit bureau may also receive erroneous information.
And in conclusion – your credit report does not give any assessments of your trustworthiness. Nobody puts a stamp “a good credit history” or a “bad credit history”. It contains only dry dates and numbers showing how you paid your debts. All ratings are left to the discretion of the bank.