It is recommended that everyone who uses or plans to use credit products periodically monitor their score. This can be done at many sites. The site calculates a score based on a person’s credit history. To do Bad credit payday loans guaranteed approval for the first time, you will need to create an account on the bureau’s official website and submit an application for personal data verification on the State Services portal. It’s fast and free.
Rating calculation criteria
Personal credit rating is an information indicator calculated by the organisation. The score is set in the range from 1 to 999 points and shows with what probability a person will be given a loan on the conditions he needs. The decision to lend is made not by the bureau, but by the bank: the bureau simply uses known information to show the person his chances. The rating is influenced by factors that banks usually pay attention to before issuing a loan.
Age of credit history: The earlier a person started using credit products, the longer he has CI. Its solid age suggests that the borrower already has extensive experience in cooperation with banks, which means that he knows what he is doing – you can rely on him. A short or zero CI does not provide enough information, so the credit rating of such people is lower.
Lots of credit check requests: Requests to check the CI are displayed in the closed part of the history. The bank has access to this information and uses it as one of the criteria for calculating the score. The abundance of requests suggests that a person was often interested in credit organizations or other persons. This can mean several things at once: for example, the borrower has a difficult financial situation and often applies for loans, or he fell under the target of scammers. Banks are suspicious of a large number of requests, so it lowers the rating.