The article tells how many years the credit history has been stored, reveals the very concept of history, where you can find information on the document and whether there are services to correct the document.
What is a credit history?
Before answering the question, how much credit history is stored, we will understand the concept itself. A credit history is a collection of information about a particular borrower, its current and repaid loans, the presence of bad debts and arrears. It should be said that even those payers who successfully paid the loan without delay, also have a credit history in the BCI.
The story begins to form from the moment of the first application for a loan to the bank. The section with the title contains basic information about the individual under the passport, pension insurance number, tax number. The second section is more voluminous, since it is here that information is stored on court cases and contentious issues in credit relations with the bank. It is the quality of the data of the second section that affects the credit reputation of each entity. The last section is under lock, as it contains private information about the authors of the request and additions to the story.
Where can I see my story?
If you need to get a personal credit history, then you need to use the resource of the country's main bank in order to clarify in which particular institution the credit history is located, how long the document is stored, and so on. You can also send a request via mail, indicating an individual history code. The code is assigned immediately after the execution of the loan agreement, which is most often just kept silent by bank employees. It is an obligation for a bureau to report at the request of an individual about the status of credit status. A citizen has the right for a year to receive one-time free information on credit history. The story is sent either to the postal address in hard copy or to the email address. The term for processing the request is 10 days. Repeated requests are made for a fee.
You can also contact any BKI or a service bank. If the request is sent by mail, then the document must be certified by a notary and wait for a response also by mail.
How long does it remain in memory?
Answering the question of how long the credit history is stored in the bureau, it must be said that the information for each client is stored in the database for fifteen years from the moment of the last record, after which the data is deleted. Such a long period is due to the need for banking institutions to comply with the rules for minimizing risks when issuing loans. The answer to the question how much bad credit history is stored will be the same - at least 15 years. At the end of the fifteen-year period, historical information is updated, which gives a chance to the sinning applicant for a positive decision by the bank.
Customer data is available only to credit organizations, as well as law enforcement agencies conducting certain procedures in relation to the subject.
What is a credit bureau?
The Bureau is an institution with legitimate authority to perform actions and manipulations in relation to the credit histories of individuals. There are several official institutions represented in the state registry.
Often, borrowers are perplexed where the information about their conscientiousness regarding the payment of loans comes from, and even begin to file complaints about the dissemination of private information. However, they forget that they themselves have put the necessary checkmark in the loan agreement. In order for the data on the borrower to enter the database, his consent to the collection, processing and dissemination of personal information is necessary. The client may not agree, but in this case, his chances of obtaining approval for a loan are small.
An individual can also submit a request to the Central Directory under the authority of the Central Bank of the Russian Federation in order to receive information which bureau stores and processes its data. If the borrower has successfully paid the payables, he should be interested in the fact that the data on the loan closure are included in the database of the bureau. The creditor bank is obliged to provide information stored in the bureau on all closed retail products, at the request of the client.
Is it possible to get rid of unnecessary entries in history?
Many residents mistakenly believe that if the BKI are commercial entities, then they can be contacted and cleared of history from discrediting events for a certain price. But this is not so. Upon an individual request, the credit history will not be able to become white. How much information is stored in the database, so much will be stored for 15 years. The system is designed in such a way that there is not a single opportunity to somehow change historical information. If the borrower is offered such services, then he is dealing with scammers who want to cash in on the ignorance of an unlucky client. There is only one way to make a difference in history - if the facts are not true.
If negative data were entered on undeniable documents (for example, by court order), then the borrower has only a waiting time - a fifteen-year period after which the information will be deleted. If there are doubts about the fairness of the data display, it is necessary to contact the sources of these changes and additions, for example, to the court to challenge the decision.
How can I adjust my credit history?
If an individual has undeniable arguments about an error in the database, then he needs to report it to the BKI. The institution will schedule an internal audit within thirty days of the receipt of the personal application. BKI in the process of conducting an investigation will send requests to the bank about the availability and correctness of bad debt. When the check is completed, the information will be updated and invalid items will be deleted. Upon request, a written decision must be provided with detailed justification.
The borrower can also contact the bank directly if he knows that the mistake has crept in precisely at this lending institution. To do this, you need to prepare a letter of inquiry addressed to the head of the bank.
Borrowers need to keep in mind that for a bank, of course, credit history is important. How much history is stored, you need to know, but this does not mean that if there is the slightest delay, the bank will immediately send negative feedback to the BCI. The bank will remind you of the debt to the last without any additions. Also, before panic asking the question “How long is the credit history?”, You need to know that banks have their own parameters for the “white” period in order to approve the loan. For example, if a potential borrower has not had bad loans over the past three years, then it is likely that the bank will arrange it.