What is a credit history for?
Credit history is a collection of information about a physical person that identifies that natural person, as well as data about an individual 's performance of loan obligations.
If you have at least once used the services of financial institutions and taken a loan, your credit history was transferred by the creditor to the credit history bureau.
Financial institutions (banks, financial companies, other credit institutions) registered and operating in accordance with U.S. law have the right to apply to the credit history bureau for data on the borrower 's credit history if the borrower has given its consent to the credit history.Generally, a credit history includes three main sections of borrower information and its loans:
1. Personal data of the borrower. This section contains all data identifying the borrower: name, year of birth, individual tax number, passport data, place of residence, place of work data, contact phones, etc.
2. History of the fulfillment of obligations on received loans and loans. This section provides information on the number, types and amount of loans received by the borrower. Schedule of their repayment, amount of debt, including overdue debt, interest rate, types of security on loans, the status of loans (valid, repaid, sold, default, etc.).
3. History of credit requests. Here are indicated, financial institutions and how many times made requests to the Bureau of credit histories to provide the credit history of the borrower.