Banks should provide information about all borrowers given their consent to the transfer of their data to the credit bureau. Credit bureaus – are commercial entities included in the special state register and provide services for the formation, processing and storage of archives. They keep records of who, when and how many times took the loan, how regularly paid back, as well as provide storage of these data for 15 years. There are many such offices and the bank is free to choose to which one of them to transmit data to. Typically, the bank enters into a contract with the bureau to provide information services, and then regularly sends updated information about the loans and repayments.
Three parts of the credit report.
1. The title part – main biographical particulars of the person, the so-called subject of the credit report.
2. The main part – amount of obtained loans, repayment periods, delays, changes in the terms of the contract. “Dance of the figures” is absolutely impersonal: you will not understand who “borrowed”.
3. The closed part – what bank “loaned” and who has ever interested in the credit report of the subject.
What is the credit report? This is a document consisting of some few parts. The title part contains the surname, name of an individual, called as the “subject of credit report”; date and place of birth, passport details, ID and the number of pension certificate.
The second part – is the basic. There is an essence in this part: the sum of the credit and the term of its repayment, frequency of made payouts and also introduction of all changes and additions to the credit treaty, the facts of adjudication of disagreements concerning meeting the commitments by the mutuary.
This information – is “impersonal”, i.e. the creditors are not named in it, only to sums and dates figure. An additional closed part completes the document. Here there is very significant information about when and who was interested in the first two parts, as well as what loans the banks granted. If varied users are able to study the first two parts – for instance, the banks, monitoring potential debtors – only the person has access to the last one. All others are allowed only with a written agreement.
Not very long ago loans were affordable to many people and they didn’t miss this chance. To be on the safe side they have to check their credit reports. This is very useful task but it may seem hard for somebody. It is possible to use credit monitoring service – they will help you to understand the reports clearly.