What is a credit history?
A bank loan, that is, getting money at interest for some purpose, has become very popular today. However, there are cases when a bank refuses to issue a loan, for example, if there is a bad credit history.
What is a credit history and by whom?
Credit history is information about how the borrower performed obligations on previous loans. This information on individuals and legal entities is collected by a special legal entity - the credit bureau.
By signing a loan agreement with the bank, the borrower simultaneously agrees to transfer his credit history to this bureau. So, all actions regarding payment of payments are recorded, and as a result, banks have the opportunity to get acquainted with this information before issuing a loan.
How does credit history affect the issue of a loan?
- Conscientious borrowers become the best customers of the bank and may in the future receive loans on favorable terms or for a large amount.
- Unscrupulous customers may lose the confidence of banks in general and not get more loans in them.
- Having a bad credit history can be a failure when going abroad.
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