In the event that you had to rely on loan withdrawals, it is normal for you to have your loan history checked at some point thereafter. At the very least – this information will be needed if you have the desire or need to seek financial support from a financial institution again. Your clean financial file is really important because if there are irregularities related to outstanding loans or the like, the probability of receiving another financial support is smaller.
But of course, you also need to be familiar with the ways in which you can understand your personal information yourself to make sure that everything is absolutely right there.
What is the term loan history
This is an expression, the result of an analysis of this customer information. Or, in a nutshell, whether a bank or a non-bank financial institution could trust you and give you a loan on the basis of whether you were able to cover your previous similar loans and how that happened.
Therefore, before any amount is granted, it is normal for every bank or other type of financial institution to check that information to make it a little more certain whether the payout will happen in a timely and seamless manner. Thus, the potential risks or losses it may suffer may be assessed.
Very often, this type of information is kept for years in the Central loan Register (CCR) and consists of all the basic documents that show your past borrowing and how they have been repaid.
What are the factors that affect your loan history?
- As we have said, all your past in this sphere is recorded – good and bad loan;
- The family situation could also be a factor when approving a loan;
- Education – it does not have a direct impact but presumably higher qualifications may lead to a higher probability of getting a loan from a financial institution;
- Age. Not exactly it, of course, but rather higher work experience also tilts the scales and makes your loan approval more likely, and also affects this type of financial file with the relevant information;
- Regular payment of the repayment installments, but also their delay, if any.
These and a number of other factors may undoubtedly influence this type of data you must have if you have already used loan services once.
What to do if you want to check for yourself what information is being kept for you and your personal financial past
To do this, you can do this with the help of the CCR where it stores all the information you need.
The system was created by the BNB. There, each legal and natural person is entitled by a written application in a form combined with a personal identity document (for individuals) or a current BULSTAT or UIC registration certificate (for legal persons) and paid fee to request information on the history of its loans .
You can also find out which banks and other financial institutions have reported in the registry system.
If, however, the use of this type of financial services is your way of dealing with some of the misfortunes in life, it is quite normal to turn to a loyal company that understands well the modern economic problems and situations. We at Cash loan are in every situation where you may need a loan. Here you find quality tips and practices that will make the entire application, receipt, and refund process much easier and easier for you to understand.