1. 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 behaviour.
2. Why do I have to submit a credit bureau report?
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.
3. Where can I get a credit bureau report?
You can get a credit bureau report from a credit reporting agency in your country. Check out these websites here.
4. What if I can't get my credit bureau report?
If you are not able to get a credit bureau report, we can accept 3 consecutive months' bank statements.
5. How far back should my credit bureau report go?
Your credit report should not be older than 90 days.
5. 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.
6. 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.
7. What if my credit bureau report is in a language other than English?
If the report is issued in a language other than English, make sure you provide us with a full English translation by a certified translator. You're welcome to use a freelance service such as www.upwork.com but please make sure to include the full name and contact details of the translator.