Getting Credit

Published on 21 July 2012 by Raffick Marday

Getting Credit

Your Credit History – Checking your credit history?

It makes sense to review your credit history regularly and correct any errors.

In Europe, legislation has been put into place to give you the right to inspect your credit history, if you pay a small fee, but this has not yet been implemented in every country.

A Credit bureau must correct any mistakes at no charge – but you must be able to prove that they are wrong. To find out more, contact a credit bureau in your country.

Getting credit

Before you are given access to credit, your credit history will be assessed.

Your credit history is designed to help lenders discover whether you should be granted credit and how much you can safely repay.

It will generally contain information such as:

  • A list of all your loans
  • The total amount you owe
  • How many credit cards you have and the amount of your credit limits that remains unspent
  • Whether you have paid off loans promptly in the past
  • How well you handle other major bills, such as utilities
  • Your banking history and whether you have savings accounts
  • Other information can also be included – for example, whether you own your home or have other assets, such as stocks and shares

Credit bureau

Credit bureau are accredited organisations that collate financial information about individuals and companies.

These organisations are highly regulated and serve as neutral central repositories of consumer data. They collect relevant financial information and distribute it to registered lenders that want to assess your suitability for a loan.

Not all countries have yet established credit bureau. Where they have been set up, the information about you will be consistent across all bureau.

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