Everything you need to know about credit information
Can you take out a loan without credit information? What credit score do I have? There is much to think about before making a big financial decision, such as applying for a loan. Sometimes it can be difficult to keep up with all high-profile banking terms. In this article we will guide you to everything you need to know about credit information.
What is a credit report?
The purpose of a credit report is to map the finances of the person applying for a loan – simply explained, it can be said that it is a resume for your personal finances.
It is ordered by the lender but is performed by one of the credit information companies, where the Information Center, Lifenode and Securedhands Credit Services are some of the largest players.
The lender obviously wants to minimize the risk of loan losses – that is, they do not get back the money they lend. To determine whether a person is creditworthy or not, a credit report is an important part of the overall assessment.
If the applicant has a fixed income and previously handled his payments, it is safer for the lender to lend money to the lender than to a person who has payment remarks and / or has no fixed income.
Different types of credit information
For private individuals, there are two different types of information – micro information and personal information. Just as the name suggests, a micro information is not as comprehensive as a personal information.
This information is shown in a micro information – see example
When do you make a credit report?
Many people associate credit reporting primarily with loans, but there are a lot of other occasions when a credit report may become relevant.
An information can be made when you sign up for a subscription, obtain a credit card or sign a lease. The company that orders a credit report on you has an obligation to inform that they will make a statement on you, so that you as a consumer can choose to approve it or not. Failure to accept the credit information may mean that you are not granted the credit card you applied for or do not meet the requirements set by the landlord to rent out their housing.
If the credit report has no legitimate reason
Anyone has no right to make a credit report on you without having a so-called legitimate reason. A legitimate reason is if someone should enter into a credit agreement with you or have a reason to make a risk assessment on you. For example, a risk assessment may be relevant if you are to gain a higher position at work or enter a service that involves financial responsibility.
Can you do a credit report on yourself?
Maybe you wonder about your own credit rating after reading this far? In fact, you as a private person can make a credit report on yourself if you are curious. Through my UC you can find out your credit score for 29 USD. The results are ordered via their website and are available for two days.
What information is shown in a credit report?
The information may vary slightly depending on which company you use, but broadly, a credit report shows the following:
- your personal information – name, address
- taxed income
- if there is an active debt settlement
- payment defaults
- granted loans and credits
- if a nutrition ban exists.
- information on real estate
Information on any liabilities and payment remarks is obtained from enforcement authority. Personal information and information on taxed income comes from the Swedish Tax Agency. Via the Swedish Companies Registration Office, information on corporate commitments and information on possible business prohibition is collected.
Quick loans without credit information – is it okay?
Moneyspeak Finance is, like all other operators that lend money, obliged to make a weighted credit assessment of the applicant’s finances before a loan is granted. It is possible to take out a loan without UC, however, a credit report is always made on the applicant but then through another company, as in our case Lifenode.