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Credit registers: What is it for?

Just as every record can hurt your application, good repayment of your previous loans gives you the chance to negotiate more favorable terms and speed up loan approval.


Sinners and honest


Perhaps the biggest myth associated with registers is that you will find only sinners who missed their repayments or could not pay on time. However, all those who have or have a loan from official providers are entered in the credit registers.

Even those who applied for a loan but were not approved. This information helps lenders to predict the client’s ability to repay and good or bad credit history affects the outcome of the loan application.


The stricter, the safer

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Almost everyone has forgotten to send his installment on time in a bunch of daily duties. When applying for a loan, not only the amount of unpaid amount, but also the length and regularity of the delay play a role. If you have forgotten to return your credit card a thousand, you do not have to throw the flint into the rye yet. Credit registers help prevent excessive indebtedness of the client or even his personal bankruptcy.

Not everyone can estimate the proportion of their debt. Thanks to registers you can easily distinguish decent companies from moneylenders. Companies that do not use registries are at first sight suspicious. Who would lend you without knowing if he’d get his money back?


The advantage of good payment discipline of the borrower

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The big advantage of credit registers is that they do not only serve lenders. Take advantage of your payment history from the past. A positive entry in the registry can speed up and simplify application approval. The bank may even offer more favorable terms to the client if it considers that the client’s credit default is low. Thus, a borrower with a good credit history is often more in demand than a client applying for a loan for the first time.


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