The expert mentioned the reasons for regular credit history checks

Regular monitoring of their credit history is becoming an important practice for Russians seeking to monitor their financial reputation. On September 11, the director of Cosmovisa ("Credit Assistant") told Izvestia about the importance of monitoring credit history and its impact on the possibility of obtaining borrowed funds Dmitry Mikhailov.

According to him, a credit history is a kind of financial dossier that is formed from the moment a citizen applies for the first loan. All data on loans, delinquencies and refusals from banks is stored in the credit History bureaus (BKI), which are accountable to the Central Bank of Russia.

In accordance with Federal Law No. 218-FZ "On Credit Histories", credit organizations are required to transmit information about borrowers to bureaus, which, in turn, create credit dossiers and transfer them to the Central Catalog of Credit Histories. The rating system allows banks to assess risks and make lending decisions by setting the amount and interest rate. Credit history affects not only the availability of loans, but also other areas of life, such as rental housing and even the choice of an employer.

Mikhailov noted that mistakes such as incorrect passport data, undetected repaid loans, or overdue payments that did not occur can lower a credit rating and lead to a refusal to lend. It can take months to fix them, which makes it very difficult to obtain borrowed funds on favorable terms.

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In order to avoid such problems, experts recommend checking your credit history regularly. The legislation allows you to request information about your credit history twice a year for free. The Gosuslugi platform provides access to data from credit bureaus, where information is stored. For further work, borrowers need to order reports from the BCI and carefully examine them for errors.

In addition, online services have appeared on the market that can automatically help in correcting errors. According to the expert, they speed up the process, greatly simplifying the task for the borrower in order to avoid lengthy procedures with banks and BKI.

"One of the common misconceptions is that frequent checking of your credit history lowers your credit score. In fact, this statement is true only if different credit organizations are interested in your financial dossier, making appropriate requests to the BKI," Mikhailov said.

Another myth is related to the security of personal data. There is a perception that online credit history requests threaten to leak information from it. In fact, such a leak is almost impossible, since the BCS operates in a secure system of the Central Catalog of Credit Histories of the Bank of Russia and uses certified encryption algorithms.

On September 10, the head of the mortgage department at Level Group, Julian Ovechkin, told Izvestia about the impact of a credit rating on mortgage approval and its size. According to him, the lack of a credit history is not a reason to refuse — "in this case, the bank will rely on other factors when making a final decision, namely: the amount of income, length of service at the current location, the amount of the initial payment, and others." In addition, the scoring score affects only the final decision of the bank — to approve or reject the application.

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