Thursday 30 November 2017

How to Clean up Your Credit Report?



“Hello I have the following question. I have a bad credit history. What should I do to clear my credit record? No bank gives a credit to a pеrson like me. Please give me an advice what I can do.”

Here's the answer from a banking specialist

Information on credit indebtedness for the client includes data both on the current state of loans and on defaults on active and repaid loans for a 6-year historical period, which is a prerequisite for refusal of financing or to be granted. Apart from the way in which the debtor's debts are served in the past, it is the amount of monthly income earned from employment and other legal relationships, the presence of other active loans, the presence of continuous employment, etc.

The overdue term will also have an impact, and if they have refused to withdraw credit, the option is to wait for the prescription period, which is 6 years for England. For each country the time is different. For example, in America, depending on the loan, the term is 7 and 10 years respectively. If you are bankrupt, you will have to wait for 10 years to clear your credit file.

You have several options:

  1. Look for funding from non-bank sources - not particularly recommended, because conditions are unfavorable.
  2. Go to the bank where you have accumulated the negatives in your dossier and be as honest as possible with them. Try to convince them that the proverbs have remained in the past, that you now have better incomes, and you will be a good payer in the future.
  3. Look for a loan from relatives or friends.
 
Each bank decides on an individual basis what period to take when examining a document for funding. However, the main rule is that the applicant is not in a current default on a loan. Also, in the past, arrears have been realized for a short period of time after which the debtor has repaid repayments in time there is a chance for the lender to grant a loan. Defining the length of time that arrears were, as well as not being current. Creditors are aware that everyone may have to face a temporary hardship, but it should not be chronic or protracted.


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