Here is a quick breakdown of everything you need to know when submitting your credit bureau report for review:
- What is a credit bureau report?
- What if my credit bureau report is in a language other than English?
- What details should your credit report include?
- What if my credit report reflects late payments?
- What if I don't have a credit history?
- What if I can't get my credit bureau report?
What is a credit bureau report?
A credit bureau report is a detailed report that summarises an individual's credit history and is prepared by a credit bureau of a specific country. It's used by lenders to determine your creditworthiness and helps lenders like Prodigy Finance determine if they can lend money to you. A credit report shows lenders your previous and current payment behavior.
What if my credit bureau report is in a language other than English?
As a responsible lender, we need to understand your credit and a credit report is the most reliable way to do this. It helps us make sure you've taken care of debt obligations so you're in the financial position to take out a student loan.
Never taken out credit cards or loans before? Don't worry! Having a low score or a no score won’t negatively affect your Prodigy Finance loan application.
What details should your credit report include?
- Your name must be visible on the document
- The report must confirm your date of birth under the personal details of the report
- The document can’t be older than 90 days and the date must be visible on the document
- The logo/letterhead from the institute must be visible
- The name of your credit bureau or bank must be visible
- If the bureau provides a credit score, then it must be visible
- Your complete payment history must be visible
- If the report is in a foreign language, we will require a certified translation of your report along with the original report in your home language
- Please note that we are aware of Experian, TransUnion and Equifax not being available in every country therefore if your country has its own credit reporting agency and it can provide the information as per our requirements above, we will review it to confirm if the document meets our requirements.
What if my credit report reflects late payments?
If your report reflects any late payments or delinquent accounts, please let us know more about the circumstances. If it's a mistake, please open a dispute with the credit bureau and request an updated report.
What if I don't have a credit history?
If you've never taken out any credit cards or loans, you'll still be able to pull a credit report! It will confirm that you don't have any credit history, which is all we need to know.
For Indian students, a report without history will show a message saying, ‘No Hit’. All that means is that you don't have any information on your credit history. Take a screenshot of that message for us.
What if I can't get my credit bureau report?
If you are not able to get a credit bureau report, please reach out to the verification specialist at firstname.lastname@example.org who will be able to inform you of the alternative documentation that we can accept.
Sample of a credit report