One time or the other most of the borrowers make default in paying back their liabilities. Of course most of the time it is unintentional and these people never like to discuss the stories of their becoming a defaulter. But unfortunately the truth is as flexible as air and creates its own space to come out in the open. This blow to the secrecy of the borrowers, particularly the defaulting borrowers, is given through the Credit Reports. These reports have been made available on internet by the group of lenders and for the benefit of the prospective lenders. These reports not just carry the information about loans only but any external funding is reflected in them. The details of monthly loan installment repayments, credit card payments and other overdraft facilities are covered in these reports which are prepared on monthly basis.
The reports not only show the paying back record of borrowed money but the outstanding amounts in your name also form a major and important part of the Credit Reports prepared in your name. The data about the enquiries made against your account is also included in the Credit Reports. These enquiries are generally made by the loan providers to the credit bureau. This need of enquiries about the credibility and payment strength is the main cause of getting the Credit Reports prepared.
The reports have saved lenders from many fake borrowers. The judgements of the cases filed against the borrowers by the lenders are also included in the Credit Reports, but if at any stage you feel that the judgement is not true or biased and going against you then you can challenge it and get it reversed by proving the facts. Other than the payment records the credit history provided therein includes the identification details besides carrying the borrower’s name and date of birth. Reports also include the proof of residence so that the defaulting person can be reached easily.