Due to a bad credit history, the bank may refuse to grant a new loan. Mikhail Sergeychik, head of the NIFI project “Myfinance.rf” of the Ministry of Finance of Russia, told socialbites.ca about this and gave three reasons why such a situation occurs.
The first of these is the debts of a previously taken loan. If there was indeed a delay, he added, a lot of time would have to be spent “making corrections.”
“The first thing to do is to pay off your debt. There are offers from unscrupulous “fixers” who promise to “reset” negative information for a fee, but this is a scam. At least seven years must pass for the credit history to truly reset. “If you do not violate payment discipline, banks’ trust will return to the potential borrower faster,” he said.
The expert noted that positive credit activity will help restore reputation: scrupulously fulfilled obligations will outweigh old credit “sins”.
The second reason why your credit history may deteriorate is that data regarding debt repayment is not displayed in it. Sergeychik explained that this is possible due to a technical or software malfunction in the credit history bureau (BKI), the bank, incorrect operation of the payment system or the human factor. In this case, you must apply to BKI and the bank to make changes to your credit history.
“It is necessary to attach documents confirming the proper fulfillment of obligations (checks, payment receipts, loan repayment certificate, loan agreement and other important documents),” the expert said.
Additionally, a loan taken from a person by fraudsters can worsen the person’s credit history.
“You need to contact the bank with a request in which you must request that the loan agreement be acknowledged as not completed, the incorrect entry be deleted from the BKI and the lender stops processing personal data. Most often, the lender makes concessions if they realize that the customer identification system has shortcomings,” Sergeychik explained.
According to him, if the bank does not cooperate, you need to go to court.
You can check your credit history from BKI. The list of such offices where information about the borrower is stored can be requested through government services or the Central Catalog of Credit Histories on the Bank of Russia website. You can request a free history twice a year.
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