Credit Check before Making Loan
The main obstacle of a house buyer is that he’s hot qualified for a home loan.Bank will reject a loan or won’t approve a loan for this kind of customer,so that he tacitly loses his down payment for a house.Most of this group of home buyer is a person who has bad credit records such as being in arrears,having irregular payment dates,missed payment,or excessive loan.All of this information can be acquired from the Credit Bureau.
Credit Bureau is a company collecting credit information from member financial institution.When the financial institution or customer woule like to see the credit information of the company or his own,there will be a credit report includes the fact of the borrower:name,address,ID card,location etc.,the qualification of borrower: age,occupation,income,loan and approval of loan history, loan payment, and credit card payment.
Credit information is a fact of customer’s credit which will be kept in the system for not over 3 years.There will always be latest information replaced the old one according to the report monthly sent by financial institutions.If you were behindhand with debt 3 years ago,that information wouln’t exist in the report of Credit Bureau but it might be kept in the database of the bank you rent money from.Credit Bureau has no right to make any change to information received from financial institutions.
Credit information is useful for the bank to easily check customer’s financial information and faster approve the loan.This an advantage for the borrower with good credit history,Besides,the information owner can check his own credit infotmation especially before making home loan in order to prevent the non-qualifying problem that can later cause many inconveniences.
To keep your good credit records is not that tough;
- Pay on time:It’s necessary fot every borrower to play on time thought it’s still in the month of payment date.The bank might assume that you have financial problem;this can have an impact on approving your new loan.
- Buy a house at affordable price.
- Use credit card when it’s needed:Having many credit cards more than your necessity,the bank considers that it’s risky and tend to easily increase debt though now you don’t spend all of you credit allowance or has problem to pay your loan.
- Check your credit infotmation: You can contact National Credit Bureau Co., Ltd.(NCB) at 999/9, 10th floor Central World Office Building,Rama I Rd,Pathumwan,Bangkok 10330, Tel. 662-6125800 or at www.ncb.co.th The fee for personal ingormation check is 200 per list.You can authorize other person to do for you and receive information via post mail.
- If you have financial problem,you should consult with financial institution to solve it or extend pryment period to save your credit records.
Save credit is a lot easier than solving it.
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