In Poland, practically every second person has a loan or credit. It is different when we apply for a mortgage then the bank carefully analyzes our creditworthiness. During the analysis, the bank relies primarily on the Credit Checker recommendation. All this to find out if we are credible borrowers, hence whether we will simply be able to repay the given liability.
Many people do not know yet what the Credit Checker database is really collecting.
Credit Checker’s task is to collect
Store and process data on our credit history, regardless of whether we applied for a loan, as an individual or as a company. Information about our credit history is nothing but whether we have repaid our loans fairly. Credit Checker has data on all our credit accounts, both those repaid on time and on time. Information to Credit Checker is provided by banks, credit unions and loan companies from the non-banking sector. With a good credit history, we are a reliable customer for financial institutions. Thanks to this, we can get a loan faster and easier.
As part of obtaining relevant information, the bank sends the necessary borrower’s data to the Credit Information Bureau. Thanks to this, Credit Checker determines the so-called scoring, i.e. point analysis. It is thanks to her that the bank is able to determine whether a given person is reliable and whether the application that she has submitted will be considered positively.
What is Credit Checker scoring?
The entry in the Credit Checker is the basis for issuing an assessment determining the borrower’s creditworthiness. It is presented by means of scoring, called scoring. Over the years of Credit Checker’s operation, the assessment model used has changed. Until now, a system was used in which the borrower could score a maximum of 600 points.
The latest report is simpler and much more intuitive – it assumes a borrower’s rating from 1 to 100 points. The higher the value, the more likely the customer of the bank will receive a loan. According to the Credit Information Bureau, 80 points is a very good result, while 60 points is a good result.
Currently, a modern, carefully developed mathematical formula is used. The credit history of a given borrower is compared to the profile of other customers. The more similar it is to those who pay their obligations on time, the higher the score will be.
Information on the number of points assigned to individual borrowers is not a secret. Every person can check in Credit Checker what its scoring looks like. Such a person most often checks Credit Checker when he wants to take a valid loan. As the vast majority of banks declare, the decision not to grant a loan may be influenced by both the Credit Checker report on the dates of settling credit obligations and Credit Checker scoring. However, the last sentence belongs to the bank’s customer evaluation systems.
How to improve your scoring?
Credit Checker scoring (or scoring) is a very important issue – among other things, the bank determines your financial credibility and decides whether it should give you a loan. You can always work on scoring, so here are some suggestions:
- Try to repay all your obligations in a timely manner;
- Do not take additional loans if you have no previous repayments;
- Do not submit multiple loan applications at one time;
- Do not remove information about loans for which you did not have any delays. Keep correctly repaid loans in Credit Checker – the more you have, the better for your assessment in Credit Checker;
- Close unused credit cards. First of all: they reduce your credit standing. And secondly: banks charge fees for them, which Credit Checker may interpret as arrears;
- Plan your loans carefully, because problems with paying off one will generate problems with taking another;
- Do not exceed the credit card limit or account limit;