The most effective way to get a good credit history at BIK
From time to time, it happens that the customer of the loan company does not receive payday pay or gets it on worse terms than expected (lower amount or shorter payment period). The most common reason for such situations is not the best credit history of the customer, which appears in BIK. This story always depends on the borrower himself, who has many opportunities to improve it and thus always have access to the best cash loan offers.
What do you need to know about BIK?
The Credit Information Bureau is an institution that collects data on borrowers for further sharing with banks and lending companies. Based on this information, a borrower’s creditworthiness assessment is carried out each time he applies for a loan. Originally, BIK was only used by banks, but recently data on borrowers are also placed by loan companies, which also have the right to obtain information about their clients. A special scoring, i.e. BIK score, helps in the assessment of the borrower’s credibility, determined by a special algorithm and based on the following data:
- Timely repayment of loans and advances
- Customer credit activity (the lack of any loans in the history is evaluated negatively)
- Account limits
- The number of credit or loan applications submitted.
Data on individual loans are stored until they are fully repaid, unless there are delays in repayment exceeding 60 days. Then information about such a loan is in the database for up to 5 years from the repayment of the liability.
The secret of a good credit history
There are plenty of “wonderful” ways to improve your credit history online. There are even companies offering so-called BIK cleaning, which really only harm customers, because deleting all data from the database worsens the borrower’s scoring even more. To find out the best way to get a good credit history, just read the information on the BIK website, where the scoring method is explained quite accurately. From this information you can learn that:
- as much as 76% of the total rating depends on the timely repayment of loans and borrowings ,
- the system records ANY DELAY in repayment , however it categorizes them according to time intervals: from 0 to 30 days, from 31 to 90 days, from 91 to 180 days, etc.
In practice, even a delay of several days in repayment of a payday loan or loan installment may be noted in BIK, thus reducing the overall score and affecting subsequent access to subsequent loans and advances.
Considering the above information, it is easy to conclude that it pays to return borrowed money on time. In the case of payday loans, you should think carefully over the loan period for which you want to take it. It is best to adapt it to the date of receipt of remuneration or revenues from other sources – some will be able to return the loan after a week, while for others it will be a month. It is also important to adjust the amount of payday loan to your financial capacity and take into account the cost of the loan, which increases the total repayment amount.