Most Singaporeans who use credit sparingly may think that knowing their credit history is not important. But if they try to consider looking at the bigger picture, they will discover that credit history does not only come into play when a person needs to apply for a loan
There are many instances when companies would take a look at a person's credit history especially if that person is showing interest in doing a financial transaction with them. Even some Singaporean employers and those in other parts of the globe would look for a copy of their applicants' credit record and use the information they find in making decisions. Needless to say, a person who maintains a clean credit record would probably get more approval than those who do not.
If you're not familiar with the kind of information your credit history carries, you should not worry because you'll not find intimate details of your personal life on it. What it contains are facts and details about the financial transactions you've made. If you want to have a high approval rate, make sure to avoid late payments. This will not only help you avoid incuring penalties, but it will also minimize the chance of having your credit history tarnished.
Your credit record contains your personal identification number, which includes your name, date of birth, address, Social Security Number, and lists of your past and present employer. Other types of information that you'll see on your credit report are the following:
public records: Examples of public records are judgments, child-support orders, bankruptcies, and other type of official information.
collection activity: this refers to accounts sent to collection agencies for handling.
information about each credit account: type of account, how much is owed, who you owe, monthly payment, credit limits, and payment history.
businesses that have requested a copy of your credit report.
Whether you are considering to apply for a foreigner loan Singapore moneylenders offer or a payday loan, remember that the information businesses will see in your credit report is important. Your credit report speaks something about your credit behavior and gives insights to your character as well.
There are many instances when companies would take a look at a person's credit history especially if that person is showing interest in doing a financial transaction with them. Even some Singaporean employers and those in other parts of the globe would look for a copy of their applicants' credit record and use the information they find in making decisions. Needless to say, a person who maintains a clean credit record would probably get more approval than those who do not.
If you're not familiar with the kind of information your credit history carries, you should not worry because you'll not find intimate details of your personal life on it. What it contains are facts and details about the financial transactions you've made. If you want to have a high approval rate, make sure to avoid late payments. This will not only help you avoid incuring penalties, but it will also minimize the chance of having your credit history tarnished.
Your credit record contains your personal identification number, which includes your name, date of birth, address, Social Security Number, and lists of your past and present employer. Other types of information that you'll see on your credit report are the following:
public records: Examples of public records are judgments, child-support orders, bankruptcies, and other type of official information.
collection activity: this refers to accounts sent to collection agencies for handling.
information about each credit account: type of account, how much is owed, who you owe, monthly payment, credit limits, and payment history.
businesses that have requested a copy of your credit report.
Whether you are considering to apply for a foreigner loan Singapore moneylenders offer or a payday loan, remember that the information businesses will see in your credit report is important. Your credit report speaks something about your credit behavior and gives insights to your character as well.
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