When a bank needs to review the repayment of debts by the borrower then they should view the credit history. A credit report holds the complete credit history of the borrower such as banks, agencies that collect the amount, credit card companies and governments. The credit score is calculated by applying a mathematical algorithm based on the information collected.
In some nations when a user is ought to apply for credit in a bank the information about the customer is forwarded to credit bureau whereby they match the name, residential address and other qualifying details with the information maintained in the database files. All this information is then given to the banks to obtain the customer credit score.
Advantages and features of credit reports
Credit reports help to identify the how timely the repayments of the loan are carried out by the customers. It helps the lender to view the customer obligations over a debt that is paid regularly and understand the missed payments. The Veda check credit report offers the credit file that lets the user have control over the power.
It makes the customers empowers in handling credit providers with the best perspective to deal with credit reports. These reports also assist the individual to negotiate an improved rate with certain credit providers. This report helps to protect the credit file and maintain the reputation for the present as well as for the future.
This report provides the score based on the information given. This score can be used by other credit lenders also to make a decision for the credit application placed by the individual. The scores generated are dynamic which are produced at the moment of submission of information.
The report prepared changes when any information is inserted or removed from the report. Plus, it generates a graph based on the credit score which helps to track the credit history over the period of time. The report comprises of key factors that influenced the good or bad things in the score. Comprehending this will assist the customer to implement modifications which lead to an improvement in the score when they apply for a credit.
It also offers credit alerts, which assists in tracking as well as safeguarding the credit reputation. Additionally, it provides security against identity theft through the alerts when specific alterations are made in the credit report. This helps to identify the new credit inquiry submitted by the third person to apply for credit in the name of some other person. It intimates when the information about the customer is compromised online prior that affects financially. It eliminates the operation of identity thieves that offer bad credit score.
The procedure to check credit score online
The customer should log in with the account name and password into the official website where credit check online is performed. The customer should provide the necessary details that are required for the calculation of credit score. After the verification of the documents, the score is sent through email. Another quick way to determine the score is to submit the PAN Card which does not require any verification of documents.