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What is a credit history, where to check it and what to do if during the check process you find a loan that you did not take? Read about this in the article
Assessment of credit history is an important point in the decision-making process for a loan. Before applying for a new loan, experts advise you to check your credit history, because this will avoid unexpected failures and save time. What is a credit history, where to check it and what to do if during the check process you find a loan that you did not take? More on this later.
Credit history is information about your loans and the discipline of their repayment, which the Ukrainian Bureau of Credit Histories (UBKI) receives from partners: banks, financial and leasing companies, credit unions and other financial institutions. The credit history is stored in the bureau's database for 10 years from the date the borrower fulfills the loan agreement.
More than 77 million credit histories are stored in the UBKI database, thanks to cooperation with all major financial and credit institutions.
According to the Ukrainian Bureau of Credit Histories, 80% of loan refusals are due to negative credit history. However, there is an opportunity to improve your credit history, even if you have past payment delays in the past.
2. You have already used loans and want to get a new one
Check your credit history before applying for a new loan to make sure that the information about closed or current loans is accurate and up-to-date. This will avoid unexpected rejection and save you time.
3. You are afraid of illegal obtaining a loan using your documents
More on this later in the article.
You can check who, when and for what purpose was interested in your credit history. Such information is available in the register section of the credit report requests.
In case of revealing "someone else's loan" or disagreement with the data in the credit history, you should notify the bureau about this. There is a separate section on the company's website for this - to appeal the credit history. Next, the bureau sends a request to the lender who transmitted this information. If the creditor has confirmed fraud, the data is deleted. If the lender, for his part, confirms the accuracy of the previously transmitted data, you can leave your comment on the credit history up to 100 words.
The Bureau also advises to activate the "SMS-control" service. If someone tries to illegally issue a loan in your name, you will receive a notification and you can immediately contact the bank for clarification.
Assessment of credit history is an important point in the decision-making process for a loan. Before applying for a new loan, experts advise you to check your credit history, because this will avoid unexpected failures and save time. What is a credit history, where to check it and what to do if during the check process you find a loan that you did not take? More on this later.
Credit history is information about your loans and the discipline of their repayment, which the Ukrainian Bureau of Credit Histories (UBKI) receives from partners: banks, financial and leasing companies, credit unions and other financial institutions. The credit history is stored in the bureau's database for 10 years from the date the borrower fulfills the loan agreement.
How do I check my credit history?
If you have taken out a loan at least once, your data on it have been transferred to the database of the Bureau of Credit Histories. On the institution's website, you can check your credit history for free once a year. Each subsequent call will cost 50 hryvnia.More than 77 million credit histories are stored in the UBKI database, thanks to cooperation with all major financial and credit institutions.
3 reasons to check your credit history
1. You were denied a loanAccording to the Ukrainian Bureau of Credit Histories, 80% of loan refusals are due to negative credit history. However, there is an opportunity to improve your credit history, even if you have past payment delays in the past.
2. You have already used loans and want to get a new one
Check your credit history before applying for a new loan to make sure that the information about closed or current loans is accurate and up-to-date. This will avoid unexpected rejection and save you time.
3. You are afraid of illegal obtaining a loan using your documents
More on this later in the article.
Who has access to your credit history
A credit history can only be requested by the owner, as well as by organizations that have received the owner's permission. When applying for a loan and drawing up an agreement, the lender must obtain the borrower's consent to check his data in the credit history bureau to agree on the loan and monitor the status of the credit history for the duration of the active loan agreement.You can check who, when and for what purpose was interested in your credit history. Such information is available in the register section of the credit report requests.
What if you find a loan that you did not take?
The Credit Bureau confirmed to a PaySpace Magazine journalist that such situations do happen. Fraudulent loans can be issued when a person accidentally provided their personal information to scammers or lost documents.In case of revealing "someone else's loan" or disagreement with the data in the credit history, you should notify the bureau about this. There is a separate section on the company's website for this - to appeal the credit history. Next, the bureau sends a request to the lender who transmitted this information. If the creditor has confirmed fraud, the data is deleted. If the lender, for his part, confirms the accuracy of the previously transmitted data, you can leave your comment on the credit history up to 100 words.
The Bureau also advises to activate the "SMS-control" service. If someone tries to illegally issue a loan in your name, you will receive a notification and you can immediately contact the bank for clarification.
