Get to know what credit information is, how many statuses there are, and steps to fix your credit history before applying for a loan.

โดย

30/12/2024

สมัครรถแลกเงินโปรโมชั่น แจกฟรี Voucher Lazada

Anyone who is preparing to apply for a loan must read this! In this article, we at Siam Digital Lending will take you to understand another important key, “Credit Information ”, which is something that financial institutions use to consider approving your loan. The better your credit status, the higher your chances of getting your loan approved.

We would also like to recommend Siam Digital Lending personal loans , which are an alternative that meets the needs of those who need urgent loans with flexible and convenient conditions, whether they need a credit line for daily expenses or those who want to create new opportunities in life. This personal loan is ready to help you every step of the way.

Therefore, let’s get to know “Credit Information”, the key to loan approval results in an easy-to-understand version, such as what is credit information? How many types of credit status numbers are there? If there is a credit problem, how to solve it? We have collected the answers for you here.

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Get to know “ Credit Information ”, important information that financial institutions use to consider loans.

Applying for a loan does not only depend on the documents or income of the applicant, but credit information is another important factor that financial institutions use in their consideration. Credit information can clearly reflect the financial credibility and ability to repay the loan of the applicant.

What is credit information?

Credit information , or what many people call a credit report, is information collected by the National Credit Bureau Co., Ltd. (Credit Bureau), which collects all types of your credit history, such as loans, credit card use, and loan installment payments. This information will tell you whether your financial status is good or not and how much credit you have. This is an important factor in considering loans by banks and financial institutions. If you have good credit information, it will help increase your chances of getting approved for a loan. However, if your credit status is not good, it may cause the bank to reject your loan approval.

Credit information is stored in the database of the credit information company and will appear in the credit report when requested. Currently, credit information consists of 2 parts:

– Information that identifies the customer, such as name, address, date of birth, marital status, occupation, ID card number, and in the case of a juristic person, name, location, juristic person registration number, etc.

– Information about approved credit and credit payment history, credit card payment history for goods or services, and account status.

What characteristics are considered bad credit?

Many people may have heard the term “bad credit” or “financial history”, which usually means having a bad debt payment history, such as overdue payments, which makes the credit status abnormal. In addition, credit information is only a medium for storing financial credit information. It does not play a role in creating a blacklist in any case.

Therefore, the term “bad credit” is just a definition that financial institutions have established to inform in the event that they will not receive credit approval. In order to prevent these problems , maintaining financial discipline and paying debts on time is important.

How many types of credit status are there?

In a credit report, status types are recorded as numerical data in categories that reflect the financial status associated with a credit account. The main statuses are as follows:

01 or 010 is normal, no outstanding debt for more than 90 days.

11 or 011 means closing the account. The debtor has paid off all debts or paid the full amount according to the debt restructuring contract between the debtor and the creditor.

12 or 012 is a debt payment suspension according to the member’s policy.

20 or 020 means the debt is overdue for more than 90 days.

21 or 021 means the debt is overdue for more than 90 days because the debtor is affected by an abnormal situation.

30 or 030 means in legal process.

31 or 031 means in the process of paying off debts according to the judgment by agreement.

32 or 032 means the court dismissed the case because the statute of limitations has expired or for other reasons, except for dismissal because the debt did not actually exist.

33 or 033 means closing the account due to writing off bad debts. Closing the account because the debtor did not bring money to pay and the member wrote off all bad debts without asking for them anymore.

40 or 040 means that the account is under credit to close the account. The debtor can no longer use the account or is in the process of paying off the debt. When the debtor has finished paying off the debt, it must be adjusted to normal or closed.

41 or 041 means that the item is under investigation. The owner of the information requests an investigation of the item or the member is in the process of investigating the item due to fraud or cheating, which is in the process of proving the facts and has not yet been concluded.

42 or 042 means transfer of debt that is overdue for more than 90 days. Members transfer or sell overdue debt to another person.

43 or 043 means transfer or sale of debt and complete payment of debt to another legal entity and the debtor has completed payment of debt to the transferee.

44 or 044 means transfer or sale of debt in normal account status, in which the member transfers or sells debt that is not in arrears or in arrears not more than 90 days to another person.

These statuses reflect your financial behavior. Having unusual statuses, such as being overdue for more than 90 days or being in legal proceedings, may negatively affect your chances of applying for a new loan.

What should we do if we have a financial history?

Having a credit history doesn’t mean you’re out of luck when it comes to getting a loan. You just need to plan and take appropriate action to fix your credit status. Here are some important steps you can take if you discover you have a credit history.

Check your credit report.
You can request a credit report from a credit bureau to verify the information on your accounts. If you notice any errors, such as incorrect balances or accounts that don’t belong to you, notify the credit bureau immediately so they can correct them.

Assess your outstanding debts.
Gather information about all your debts and prioritize how you pay them, such as paying off higher-interest debts first or debts that are long overdue.

Negotiate with your creditors.
If you can’t pay off all your debts at once, contact your creditors to negotiate a debt restructuring or debt repayment plan that fits your financial situation.

Stick to your repayment plan strictly.
Once you have a new repayment plan, stick to it strictly to rebuild your credibility and improve your credit standing.

Create financial discipline.
Once you have cleared your outstanding debts, you should have a good financial plan and maintain discipline in paying your debts on time so that your credit status does not go back to negative again.

Consider using a personal loan to consolidate your debts.
Applying for a personal loan, such as Siam Digital Lending’s personal loan , can help you consolidate all your debts into one place, making it easier to manage and repay them.

The key is not to ignore the problem and to start working on it as soon as you realize you have a credit bureau problem. By taking action and maintaining financial discipline, you can eventually improve your credit standing.

How can we correct our financial history?

Repairing and rebuilding your credit can take time, but with dedication and financial discipline, you can restore a clean financial history. Here are some ways you can help improve your credit history.

1. Check your credit status

Start by requesting a credit report from a credit bureau to check your payment history. If you notice any inaccuracies, such as unrecorded payments or outstanding balances that don’t belong to you, report them so they can be corrected.

2. Clear outstanding debts

Pay off any outstanding debts in full and on time. Debt relief is the first step in improving your credit status. If you can’t pay all at once, negotiate with your creditors for a payment plan.

3. Avoid adding new debt.

While you’re trying to fix your credit, avoid taking on new debt or using credit cards beyond your repayment capacity to prevent unnecessary debt.

4. Manage debt by consolidating debt.

Debt consolidation into a single loan, such as using a Siam Digital Lending personal loan, can help reduce the number of creditors and make debt management easier, with clear interest rates and fixed repayments.

5. Improve financial behavior

Pay your debts on time in every installment.

Plan your monthly budget carefully.
Spend only on necessities and reduce extravagant spending.

6. Build new credit wisely.

Once you have cleared your debts, try using a credit card or loan with a small credit limit and repay on time to demonstrate better financial responsibility.

7. Follow up and improve regularly.

Review your credit report periodically to ensure there are no issues or inaccuracies that could affect your future credit standing.

Additionally, if you need additional assistance, consulting a financial professional or using the right loan product can help you reach your goals faster!

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Your credit status is an important reflection of your financial reliability. Maintaining a good debt repayment history and correcting irregular credit status will increase the chances of your loan application going smoothly. Therefore, you should start by checking your credit information and planning an effective debt management plan.

If you are ready to rebuild your credit and borrow for a better future, explore the right loan for your needs, such as Siam Digital Lending personal loans that are ready to help you overcome financial obstacles with terms and conditions that meet your needs and fast approvals, along with advice from experts who will help you manage your debt and start over with confidence, starting today!

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If anyone has any further questions, please call to ask for more details at 02 016 9300 or add us as a friend on Line at @siamdlloan (with @) and most importantly, you must borrow only what is necessary and what you can afford to repay.

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