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 details should my 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?
- Will applying for a loan affect my credit score?
- Entering Repayment
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 like Prodigy Finance to determine your creditworthiness and if they can lend money to you. A credit report shows lenders your previous and current payment behavior.
What details should my credit report include?
- Your name and surname
- The report must confirm your date of birth under the personal details
- The document must not be older than 90 days from the date you submit your credit report in your application and the date must be visible on the document
- The logo or letterhead from the institute must be visible
- If the bureau provides a credit score, then it must be visible
- Your complete payment history must be visible
- Your report should be in a non-editable format such as PDF, JPEG, PNG or JPG
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 by emailing our team on email@example.com. 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 us on firstname.lastname@example.org. Our agent will be able to inform you of the alternative documentation that we can accept. Alternatively, you can view this article for some guidance. If you are looking to understand all the documents you will require to finalise your loan application please view this page here.
Will applying for a loan affect my credit score?
When you apply for a loan, requesting an updated credit report is part of the process and this will appear as a 'footprint' on your credit report, which is sometimes a factor in calculating your credit score. This varies depending on your country of residence, or credit bureau.
If you have taken out a loan with Prodigy Finance and start your loan repayment, we may provide this information to the relevant credit bureaus on your behalf. Find out more about this here.