How often is your credit history updated? How often is the credit history updated at the National Bank of Ukraine? A good credit history is formed if the subject

Refusal to issue a loan may not always be due to insufficient income. Sometimes bank employees say no because of a bad credit history in the past. What should a borrower do if several years ago he had arrears with banks, even if for a “valid” reason? Can a credit history be cancelled? And, most importantly, how to get a loan with an imperfect credit history?

How many years is information on issued loans stored?
Any action of the borrower, whether it is obtaining a new loan, early repayment or, conversely, the presence of delays, does not remain unnoted in the credit history. Banks send information to the document: previously with the consent of clients, and after changes in legislation - without fail.
Some borrowers claim that past arrears are not so critical, since the credit history is stored for 3-5 years. And then all data is canceled. In reality, credit reports stored by the Credit Bureaus have been there for at least 15 years. And, often, for a longer period. At least some borrowers who order a credit history check find information about loans issued in 1997.
Where did the 3 or 5 year data come from? This time criterion may have arisen due to the policies of banks. After all, many clients have overdue loans. And if at least 3 years have passed since the repayment of the problem loan, and then new loans were issued and repaid on time, then the bank may agree to lend the money. In other words, this is the period during which you can try to regain the trust of banks. But this does not mean that information about overdue payments will disappear from your credit history.

All the ways to get a loan with bad credit history
Every person has found himself in a difficult financial situation at some point. But this does not mean that all financial institutions will close their doors to them. There are several ways to get a loan with an imperfect credit history:

1. Correct your credit history by obtaining loans for small amounts and repaying them on time. In fact, this is the only way to prove to banks that the borrower has improved and is now ready to make monthly loan payments. Moreover, the bank may refuse a borrower who has been unscrupulous in the past. Therefore, there are several other ways:
- apply for a targeted loan for household or digital equipment in a shopping center - such loans are issued, in most cases, without checking your credit history. And even without proof of income. You only need to have your passport with you, and sometimes the amount for the down payment;
— get a credit card for active use. Many banks issue credit cards to clients who cannot boast of high earnings and an impeccable credit history. The limit on such a card may be small, and it may not be enough for a large purchase. But you can pay with such a credit card every day - in grocery stores, gas stations, and at any retail outlets equipped with terminals. If you repay funds withdrawn from a credit card during the grace period, you can constantly use the borrowed funds without paying interest.

2. Take loans from microfinance companies. The main disadvantage of such institutions is the high interest rate for using borrowed funds. Therefore, you should not be deluded by the simplicity of registration and the almost complete absence of documents (with the exception of a passport and one other document).

3. Contact credit brokers. The services of such a specialist in the lending market cost money - not a fixed amount, but a percentage of the required loan amount. But it is the broker who will help you get a large amount of credit to purchase a car, for example. No microloan or credit card will save you in such cases. But the broker will really help. True, they will take 5-10 percent of the loan amount for such work.

Advice for borrowers
1. The ideal option is to avoid delays. If they do happen, then you need to try to earn a good reputation with banks. And several timely repaid loans are a better option compared to one larger loan.
2. You should not take out loans, overpayment of which will be too destructive for your own budget. It is enough to spend a little more time to find the optimal conditions - a credit institution that issues loans with a bad credit history and at normal interest rates.
3. Correction of bad credit history must be done within the law. Attempts to obtain a passport under a new surname are usually discovered. And then the trust of banks will be completely undermined.

Loan products are of great importance for modern borrowers. For many, this is the only chance to make a major purchase or become the owner of their own real estate. But the bank does not always approve the required amount. Often the reason is a bad credit history, which was damaged by the borrower in the process of fulfilling previous debt obligations. A pressing question for potential clients of financial institutions whose application has been denied is where and for how long this information is stored.

The credit activity of an individual is of particular importance for the activities of any bank. Since the data contained in it gives an idea of the reliability of the individual who wants to take out a loan. Before applying to a financial institution for a large loan, it would be a good idea to first check your credit history. Moreover, if the potential client knows that he previously had problems with fulfilling previous debt obligations. How long does it take for a credit history to be updated and what this information represents is discussed in this article.

Credit history concept

In essence, it is a set of information on the basis of which bank employees make decisions about the possibility of issuing a loan. Includes the following data:

Passport details of the individual and information about the banking institution where the loan was previously received.
Loan size.
The period for which the provided funds were taken.
Late payments and early loan repayment.
Litigation between an individual and a bank.

Structure

Before moving on to the question of how quickly a credit history is updated, it is worth considering its structure. This information consists of the following parts:

General. Contains information about the institution that stores the information.
Main. Contains complete information about the financial credit activity of a specific individual.
Closed. Data about the banking organization and personal information about the loan recipient.
Confidential. Available only to the client. Includes a list of persons who submitted a request for reporting.

Important! The loan agreement must contain a clause that confirms the citizen’s consent to transfer data to the BKI. In the absence of consent, the bank has no right to provide this information.

Kinds

Credit histories are conventionally divided into the following types:

with a zero level: if the client refuses to provide BKI information or there is no credit activity;
with a positive rating: the client fulfills debt obligations under the loan on time or ahead of schedule;
with a negative rating: the presence of delays, fines or litigation.

To whom is it provided?

The following have the right to receive reports on the credit activity of an individual:

Central bank.
The financial institution where the client applied for a loan.
Judicial and law enforcement authorities as requested.
The client himself.

Where is it stored?

Services for collecting, processing and providing information on each specific borrower are provided by a specially authorized institution - the Credit History Bureau. It operates on the basis of a license granted. The main activity is aimed at generating and providing reporting on credit transactions.

Several such institutions can be located in one region; in total, there are currently about 30 such organizations. All of them actively interact and quickly exchange data, updating information in a timely manner.

How is a credit history updated at the Credit History Bureau? The law imposes obligations on banking and other institutions to provide information about the issued loan within 10 days after provision. Also, within the specified period, data on late payments and loan payments is transmitted.

Since not all organizations transmit information consistently and on time, a citizen has the right to independently study his or her credit history and check the accuracy of the data.

Update timing

Most people have a misconception about how often a credit history is updated and the importance of this information. If there were late payments on a previous loan, then you should not think that you can hide the data by contacting another bank. The information is available to all official organizations that issue cash loans and is stored for a long period.

How many years does it take to update a credit history? The following update periods are distinguished:

after 10 days;
after 3 years;
after 10 years;
in 15 years.

It is necessary to consider each specific option separately.

After 10 days

After drawing up and signing the loan agreement, the information is sent to the BKI department within 10 days. Similarly, data is entered for each legal transaction: payment, early repayment.

Within every 3 years

Unscrupulous payers who do not know exactly when the credit history is updated, believing that information changes no more than once every 3 years, try to present themselves as a responsible borrower. To do this, people borrow small amounts of money and fulfill their debt obligations ahead of schedule. Based on the results of such activities, the citizen hopes to receive a loan for a large amount.

This misconception arose due to the fact that when considering a client’s solvency, bank employees limit themselves to the last 3 years in the presence of high activity of credit transactions. In a situation where there is little data for the specified time, the verification period is extended by several more years.

In 10 or 15 years

How long does it take for a credit history to be updated by law? According to the legislation, a period of 15 years was provided for the storage of such data. But due to amendments that were made literally 2 years ago, the period was shortened by 5 years. Now the credit history is stored no longer than 10 years from the date of the last entry.

Note! Purchases of goods, including household appliances, in installments, are also displayed in the data.

Each update of information resets the deadline, and the countdown begins anew.

How to find out the content?

The law regulates not only when a credit history is updated, but also provides for the right of a citizen to familiarize himself with reports on transactions performed. Borrowers often need this information, for example, before deciding to apply for a mortgage. To obtain information, you must contact the Central Catalog of Credit Histories, where they will provide data on the regional credit history bank, which generates a report on a specific individual.

Next, the person needs to go to the official website of the Central Bank, where he will need to fill out a special form. This is done in order to obtain the information of interest for free. But in order to submit an application, you must enter a code provided by the local branch of the BKI. You can also find out the data by contacting the desired BKI in person. Information is provided within 10 days after submitting the application.

Service cost

Most often, citizens are interested in the question of when a credit history is updated in order to remove negative information. Therefore, some try to request data as often as possible.

The client can exercise the right to receive information free of charge only once a year. If you apply again, you will need to pay. Depending on the region of residence, the fee for providing the service can reach 2,000 rubles.

Actions when an error is detected

How and how long is a credit history updated in case of an error? If the borrower was denied a loan based on erroneous data on a previous loan provided by the financial institution, then he has the right to challenge the false information.

Algorithm of actions:

You must first determine the BKI to which information on the loan is provided.
When applying with an identity card, the applicant makes a claim in writing.
BKI employees send a request to the organization that provided false data.

Bank specialists review the request within a month. If an error is identified, corrections are made and the information is re-provided. In a situation where the organization that issued the loan refuses to correct the data, and the client is sure that the information needs to be changed, you should go to court. If there are documents confirming the position of the loan recipient, the judicial authority imposes an obligation on the bank to correct the data.

Conclusion

The client is recommended to check his credit history from time to time in order to avoid being denied a loan in the future. If the rating has deteriorated for some reason, then the situation can be improved by lending activity over the next 3 years.

To do this, you need to periodically take out small loans and repay them on time. You can also purchase goods on credit. Regular payment payments have a positive effect on the formation of the client’s credit history.

Even if a citizen is confident in a positive credit history rating, there is a possibility that the financial institution will provide erroneous information. Therefore, it is not advisable to ignore periodic data checking.

If the client does not want to take out small loans, then he will have to wait 10 years until the day when the credit history is updated.

January 2019

Lending to the population is one of the highest priority activities of financial organizations. Today, companies willingly issue several loans to one person. As a result, a person often places an unbearable financial burden on himself, fails to repay debts and spoils his financial reputation. How many years does it take to update a credit history? This issue worries those citizens who, for this reason, banks refuse applications for a loan.

What is a credit history?

Credit history is information about how much, where and during what period of time a person borrowed from financial institutions, and whether he currently has contractual obligations to them. Immediately after drawing up the loan agreement, the bank submits information about this fact to the credit history bureau. This organization has an official license to provide financial services to the population of the country and stores personal information about clients of commercial institutions.

Each regional center may have its own branches, but all information flows into a common database. Current legislation stipulates that banks are required to submit this information to the BKI no later than 10 calendar days from the date the loan is issued. In addition, if during the validity of the document there are delays in current payments or a complete refusal to repay the debt, this information is immediately sent to the credit bureau. Thus, the total set of information about a person’s financial solvency forms what is commonly called a credit history. It includes the following information:

personal data of the user and information about the company that issued the loan;
the amount of obligations under the contract;
period of validity of the document (loan agreement);
the presence or absence of delays or facts of early payment;
lawsuits, if any.

How long is a credit history kept?

How quickly does a credit history update for a specific person? As noted, any data on the status of the debt must be adjusted every 10 days from the date of the last monetary transaction under the agreement, namely:

repayment of the current contribution;
processing a loan application;
processes related to restructuring or refinancing of obligations;
early payments.

If a credit history is updated after such a short period of time, how long will it be stored in a single database? It takes a long time to wait for a full update cycle - regulatory documents allot as much as 15 years for this. This is what Federal Law No. 218 says. The countdown starts from the date of the last financial transaction made by a person. Consequently, if a citizen no longer takes out new loans from the moment the last debt was closed, then his history will completely disappear from the resources of the BKI only after a decade and a half. If for some reason this company is liquidated, all information stored on its servers will be retained by the Central Bank of the Russian Federation until a new successor appears.

Note! Only financial institutions and law enforcement agencies have official access to the database if they use this information in open proceedings on a specific person.

How to cancel a credit history?

Some citizens who have a bad credit history for some reason believe that if BKIs are companies whose activities are classified as commercial services, then the problem can be solved financially (for a certain amount of money, remove negative information and fill your “financial biography” with positive aspects) . This opinion is fundamentally wrong. The system has several degrees of protection and is specially designed in such a way as to completely eliminate the risk of database hacking, as well as fraudulent actions by unscrupulous employees with falsification of information.

Reference! There is only one option for adjusting your credit history - if the facts reflected in it are not proven or do not correspond to the actual state of affairs. Such adjustments can only be made by court decision.

There is another, less troublesome way, if a person is confident that he is right, and the information in the database is a random technical error. In this case, the citizen personally contacts the BKI and submits a written application, upon consideration of which an official investigation will be conducted. In accordance with the law, a month is allotted for this. Based on the results of the inspection, the applicant will receive a written official response, and if the bias of some facts is confirmed, they will be excluded from the client’s credit biography.

It is often possible to cancel negative events at the level of a specific bank. If it turns out that he is the one to blame for the mistake, sometimes it is enough to simply file an appeal with the company management. The situation is resolved on the spot - the organization itself will notify the BKI and make changes to the facts.

Experts in the field of finance and banking recommend that in order to correct your credit history, the first thing you need to do is study it very carefully. You can access it on the official website of the BKI, where there is a special application for this purpose. Information in the credit history bureau is stored on the principle of limited confidentiality - after registering on the server, the user will be able to access it.

Having understood what the weaknesses are, you should choose from the proposed options those that will be most effective in a particular situation:

If the delinquency is still active, you need to pay it off urgently. When the bank sues, it will be extremely difficult to eliminate this fact from the biography - there is unlikely to be an argument that can justify this act in the eyes of a potential creditor.
If there are no arrears on existing debts, you should not allow them to appear. Mandatory payments must be made on time - in accordance with the schedule.
To take out a microloan, you need to receive it using your personal bank details. When applying to an MFO, the requirements for the applicant are minimal, and a poor CI is often not an obstacle to approval of the application. Such loans can be quickly repaid and add another plus to your asset.
Get a credit card - purchases are made with it and the balance is regularly replenished (here it is important to make mandatory payments on time and close debt obligations on time).
If there are several debts, it is better to refinance them immediately - the terms for repayment will be more favorable. As a result, the debt amount will be repaid faster, and history will be replenished with a new positive fact.
Debts on utility bills must not be allowed to arise. Debts of this nature can also reduce a person’s financial rating.

Video on the topic

According to statistics, every fifth person has applied to a bank at least once in his life to take out a loan. When visiting financial institutions, the borrower is required to provide a number of necessary information. First of all, these are the client’s passport data. They become part of the entire credit history, which also includes:

various financial obligations for the loan;
a complete loan payment schedule and complete information about its execution;
all terms for which loans and borrowings were issued;
the presence of existing court decisions regarding the execution of the loan and collection of debts from the borrower.

All information received is entered into the credit history bureau, which the bank always uses when issuing the next loan amount. This is quite enough to draw certain conclusions and decide whether it is worth issuing a loan to this or that person. Not every borrower can, so it is important to pay attention to each item from the above list.

The main reasons for a damaged credit history

Very often, clients who are faced with the procedure of applying for a loan at a financial institution for the first time spoil their credit history. The borrower is always given an agreement, which is the basis for payment of the full loan amount. But he does not always familiarize himself with this document in detail. Most people leave this important moment for later and, without thinking, sign the entire stack of papers. And when the first payment is due, the client often thinks that nothing bad will happen if he postpones the payment until the next month. This is where bad credit history begins. In addition, its main reasons include:

complete disregard for payments on an existing loan;
systematic violation of loan payment terms.

It is worth noting that failure to make payment within five days from the date of payment is considered the norm.

Advice: When drawing up a loan agreement with a bank, it is important to always read in detail all the clauses of the agreement. Credit history can be damaged not only through the fault of the borrower, but also through the fault of the bank.

Deadlines for resetting bad credit history

So, almost any of us can become a victim of a bad credit history. Not everyone is able to accurately allocate their capabilities and repay the loan on time. But as you know, any credit history is reset over time. But not everyone knows how long it is stored.

To begin with, it is worth recalling that loan history is stored in the BKI (credit history bureau). There is an opinion that the credit history in BKI is reset after 3 years from the date of conclusion of the agreement. But this is not true. Such false information appeared due to the policies of some banks. Any financial and credit institution tries to meet the client halfway. Often like this. Therefore, if the history has already been damaged, but over the past 3 years all payments have been timely, the bank is happy to lend a sum of money.

In fact, information in the BKI is stored for 15 years after the last operation. After this time, the entire credit history (both good and bad) is updated, and the old one is canceled. But there are also cases when the history for some reason was not reset. And this becomes clear only when the borrower decides to check the status of his credit history himself. By the way, absolutely any bank client can complete this procedure in several ways:

by means of a written request to the BKI to receive this information. To do this, you must provide documents proving the identity of the subject making the request for this information. Moreover, this option is suitable for those who are wondering how;
make an official request online on the portal of the Central Bank of the Russian Federation. This service is provided free of charge only once. For each subsequent request you will have to pay an amount ranging from 250 to 500 rubles;
Familiarize yourself with the CI online by first registering on the Credit Information Agency website.

Advice: if the last option for obtaining information about credit history is selected, then the client needs to find out his personal history code. It can be obtained from any financial institution that previously lent a sum of money.

All banks and financial institutions do not issue borrowed funds to a client until they are satisfied of his financial responsibility. That is, lenders transmit data to the credit history bureau about all the entity’s obligations, in order to reduce the banks’ risks of non-repayment of loan funds. Unfortunately, many borrowers cannot cope with the financial burden and hopelessly damage their credit history, so they wonder how many years it takes to update their credit history in order to resume relations with lenders.

About credit history

As mentioned earlier, all those citizens who have taken out a loan at least once have their own credit history, and it is stored in the BKI. A credit history bureau is a commercial organization entered in the state register, whose task is to record and store all data on the subject’s credit obligations. All data in the BKI is strictly confidential information that can only be provided with the permission of the subject or upon his written request.

The activities of BKI are regulated by the federal law “On Credit Histories”.

For a borrower, his credit history plays a decisive role in granting him a loan. There are a number of factors that are more likely to contribute to a lender’s refusal:

regular late payments on previous loans;
overdue debts to other banks;
lack of report (the subject did not take out loans at all);
early repayment of previously taken loans.

By the way, the absence of a CI is not a reason for refusing a loan, but the bank will not lend a large amount and will raise the interest rate to justify its risks. With regular early repayment of loans, the lender loses income in the form of interest, so it is unprofitable for him to issue loans. But if your story is hopelessly damaged, you will have to wait for many years.

So, when is a credit history updated? 15 years after the last entry was made.
Accordingly, if you cannot take out a loan due to a damaged file, you have no choice but to wait 15 years. After this period, the report will not contain any records, so you can generate it again.

If you are not an ideal borrower in the eyes of the lender, and you are wondering how long it takes for your credit history to be updated, then there is a way out. There is no need to wait 15 years for the report to reset, try to improve the situation. First, you need to look at your report. By law, each subject can look into their credit history once a year for free.

So, to check the report, you need to find out in which bureau your file is stored, and there are about 25 of them in our country. To do this, you need to go to the Central Bank website, find the “credit histories” section and follow the link “Request for data on credit history bureaus.” Just to find out in which organization your report is stored, you need to know the subject code. You can obtain it from the financial institution with which you have previously collaborated. If you know the code, then you can fill out the form and get the name of the BKI.

As mentioned earlier, information is provided only upon the personal application of the subject, it is not available to third parties and the data is strictly protected by law. You can send a letter to the BKI requesting a report. Or, if this method seems too complicated to you, contact paid services, or directly to the bank. where you can get your report for a small amount.

Please note that the signature in a letter or telegram must be certified by a notary or a post office employee.

If you have outstanding debts to banks, then no bank will give you a loan. Therefore, pay off your debts as quickly as possible and pay off all loans. Moreover, it does not matter at what stage your debt is, because all progress on loans is recorded in your credit history, even if the case is at the stage of trial.

By the way, the latest data is reported within ten days after any transaction on the account.

How to fix your credit history

Banks prefer to deal only with bona fide borrowers, but given the fierce competition between financial institutions and the large number of loan debtors, everyone has a chance to find a lender who is willing to turn a blind eye to the dark spots in CI. Of course, you should not expect that the bank will give you a loan. To get started, contact the microfinance organization.

Microfinance organizations easily approve microloans to clients with a poor financial reputation. Although for some of them it is important that there is no current overdue debt. If you take out a loan and pay it off without delay, then new information will appear in the report, characterizing you as a bona fide borrower.

Please note that not all microfinance organizations send data to the BKI; before applying for a loan, read reviews on third-party resources.

After several loans, you can submit an application to the bank. For example, you can try to get a credit card from Tinkoff Bank or Renaissance Credit Bank. At least, here is the highest percentage of application approval, as well as the loan rate. But if you set out to improve your financial reputation, then you have no other choice.

So, how long does it take for your credit history to reset? The storage period for information is 15 years, so it is advisable to be extremely responsible about your obligations. By the way, if you have nothing to pay the loan with, then the issue with the creditor can be resolved peacefully - this will help you maintain your CI and get rid of the debt in a short time. If life situations arise when you really have nothing to pay, contact the bank with a request to restructure the debt or defer payment; usually creditors do not refuse, because it is in its interests to repay the borrowed funds faster.