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 must 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 must my credit report include?
- Your name
- 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 name, 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 must 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 at firstname.lastname@example.org. 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?
Even If you've never taken out any credit before you will still be able to retrieve a form of confirmation from your credit bureau agency that you do not have any credit history.
Your credit bureau agency will provide you with a document/email/screenshot illustrating that you do not have any credit history, which is all we need to know.
The document/email/screenshot must meet the following requirements:
- Your name must be visible
- The name, logo, letterhead, or email address from the institute must be visible
- The document/email/screenshot must not be older than 90 days from the date it is submitted in your application and the date must be visible
- The document/email/screenshot must be in a non-editable format such as PDF, JPEG, PNG, or JPG
- Confirm that you do not have any credit history
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 email@example.com. 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 finalize 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.