Every year more and more goods appear on the market and with the growth of the market, the needs of people also increase at a super rapid pace. Unfortunately, not every person can afford everything that is needed or wanted so here come banks and other lending organizations.
Today almost everyone has an opportunity to receive financial help in such organizations, depending on the needs, even from the smallest loans up to the amount of salary or bigger credits for the most important things such as health, study or real estate purchase. Unfortunately, due to some personal or common misconceptions spread on the Internet or on the TV screen, a huge amount of people do not understand how banks and different special lending institutions work and they just simply do not believe them because of such misunderstandings.
Things to Know About Personal Credits
Lending at banks and online loans become more and more popular and every year they continue to conquer the market, even though people still have some fears about financial institutions. Credits and loans are mostly considered as a complete mess and total stress, and they are usually associated with delays, denials, and problems related to late payments.
According to the results of several sociological polls, more than half of bank’s customers who at least once have applied for credit, have completely wrong information about their credit history and different lending rules.
In the list below, there are the most common myths and misunderstandings about credits.
Common Myths About Personal Credits:
- Credit bureaus illegally obtain personal data from bank customers. Bank customers have an argument that such information is covered by bank secrecy. The main problem of such misunderstanding is just a lack of proper focus while reading a credit agreement.
- Credit bureaus obtain information only about overdue credits. Credit bureaus collect information on absolutely all loans with a data transfer permission in a credit agreement.
- You can pay credit bureaus to delete all the bad credit history. Such bureaus are just data storing institutions, and they have no right to make changes.
- Credit history is not available to anyone except bank employees. Every bank customer has a possibility to obtain his credit history data at any time once a year for free. It takes about 10 working days.
- There is no chance to fix credit history errors. Every bank that finds a mistake should make all the corrections needed. If you need a 100 guarantee that your data is correct, keep all the payment checks.
Today, a lot of people try to avoid loans at banks because consumer lending is full of different myths and misunderstandings. It happens when customers do not pay enough attention to documents and do not even want to try to check all the details. As a result credit history with problems and complaints about bank service.