Banks have a right to transmit client information to the credit bureau only with his consent, and it is only the intelligence about amounts of credits, their repayment and payment of rates.
Credit bureau, in turn, draws up a credit report annually on the basis of intelligence about all loans obtained and repaid by the mutuary. This document contains:
- Surname, first name, passport details of the borrower;
- Home address of the place of permanent residence (for individual persons);
- Data about got loans, credit limits and history of payment of rates.
Any data about assets, job, state of health, marital status is prohibited to include in a credit report. By the same token, the credit bureaus are able to give a credit report only to banks and other creditors – if a citizen gives a written consent.
Of course, a person can get a credit report: once a year – free of charge, if the need arises more often – he or she will have to pay. Law-abiding people have nothing to fear.
Fund receivers can be divided into several groups:
1. Persons with a good credit report.
Those are not necessarily moneybags. They are the ones who have already bought on credit the household appliances, furniture, used inappropriate credit product, having paid on time, without unjustified delays and scenes. The bankers groom and nourish such customers, and when getting a large credit to buy a car and a mortgage they can reckon on favorable conditions.
2. Debtors with a “zero” credit report – those who have never taken loans. These may be law-abiding, wealthy persons who do not really trust banks and prefer to lend money to kinsmen and friends. Banks are interested in these customers and are willing to give them large credits. But newcomers cannot reckon on privileges.
3. Inveterate loan subscribers. Those are honest citizens who prefer to buy on credit almost everything that is needed for life. They are always ready to stand as guarantee for the credit of kinsmen, friends and acquaintances.
4. Citizens with a negative credit report.
There are no many real swindlers among them. It is rather “those who overestimated their financial opportunities, or disorderly people, allowing systematic delays. Persons who violated systematically financial discipline may meet with serious problems in getting the next credit, or, at least, lose all opportunities to get privileges.
Those who managed to get a loan for any purpose certainly have to order credit reports regularly. These reports can show you a real picture of your credit but in many cases the reports are very complicated to understand. Here you can make use of credit report monitoring service – they will make the reports easy to understand.