Questions

1. What is a Credit History?

Credit history – this is an electronic record, which contains information on the monetary liabilities of a private individual or legal entity, and show its payment discipline and bona fide reputation as a borrower.

The Credit History Bureau is provided with a credit report – the full or partial reflection of a credit history – only on the request of those financial and credit entities, which have concluded an agreement with the Bureau and received written consent from the borrower (a provision of the loan agreement) for access to his credit history.

The credit history is stored at the Credit History Bureau for a period of 10 years of the date on which the loan agreement was executed by the borrower.

A sample credit history

2. What is the Credit History Bureau and how does information get to the Bureau?

The Credit History Bureau is a legal entity, the exclusive activity of which, according to the Law and the license of the Ministry of Justice of Ukraine, is the gathering and provision of data regarding the execution of monetary liabilities of legal entities or private individuals – borrowers, on the request of financial and credit entities.

Credit History Bureau receives information regarding borrowers from banks, insurance companies, credit unions, other financial institutes and business entities, which provide payment deferral services or loan property.

3. So, how does this pertain to me?

A positive credit history:

1. 1. confirms your creditworthiness and payment discipline, and accordingly, speeds up the processing of the loan;
2. gives you an advantage over your borrowers, who don’t have a credit history;
3. increases the possibility of decreasing interest rates against new loans.

4. How can I establish my own credit history?

For the establishment of a credit history, when applying to a financial and credit entity for the purpose of obtaining a loan, the borrower gives consent for access to his credit history, the gathering, storage, use and distribution of information via the Credit History Bureau, which compiles his credit history.

5. How can I check the accuracy of the information in my credit history?

You have the right to apply to the Credit History Bureau and:

1. receive his credit report free of charge once a month or on a paying basis, if you apply to the Bureau for your credit history more frequently;
2. find out which financial and credit entities have sent an inquiry about you to the Credit History Bureau;
3. should there be a discrepancy with some of the data from your credit history – to challenge this data. If the information contained in it is confirmed, your written commentary will be added to your credit history.

6. Who has access to my credit history?

Access to your credit history is only given to the credit and financial entity, to which you have given the right in your loan agreement. According to the legislation of Ukraine, the Credit History Bureau guarantees the protection of information, which constitutes your credit history.

7. Will an entry on the rejection of a loan application be made in my credit history?

No, it won’t. A credit history only contains actual data on the execution of financial obligations.