As a borrower you would never like anybody to know your credit history and know how you fair in paying back the loan money. But the lenders today have developed a system where your information remains available to the listed lending agencies and they can retrieve all your details about the past loans, if any, standing against you. Your data remains available in the form of Credit Reports which tell enough about your personal as well as account details. 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 report not only shows 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 days of delay in payment are also included in the reports.
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 and scores recorded in the reports the credit history provided therein includes the identification details besides carrying the borrower’s name and date of birth. Proof of residence is always included in the reports to make sure that the person is reached whenever required.
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.