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- An installment plan at a store can also contribute to your credit history.
Even purchasing a product with deferred payment may be considered a credit transaction and be included in your credit history. The same applies to installment plans — it all depends on the terms of the agreement and whether the creditor reports the information to the credit bureau.
- You can check your credit history for free — and it’s worth doing so every year.
Once per calendar year, everyone has the right to obtain information from their credit history free of charge. Regular checks help you spot errors or unfamiliar loans in time.
- You can see who has accessed your credit history.
The report contains a Request Register, where you can see who requested information about your credit history, when, and for what purpose.
- Your credit history affects more than just the decision «whether you’ll get a loan or not».
Credit history is one of the factors creditors consider when assessing a borrower. The loan amount, term, and cost may depend on it as well as on other factors.
- Late payments can affect your future borrowing.
Having late payments may result in a loan application being rejected. And if the loan is approved, the terms may be less favorable with a lower credit rating — for example, a smaller loan amount, a shorter term, or a higher cost of the loan.
- Credit information is stored longer than it may seem.
The 10-year credit history retention period is counted from the moment the credit agreement ends.
- Even a short overdue payment leaves a mark immediately.
A record of a late payment appears in your credit history almost right away. Restoring a borrower’s reputation takes significantly more time and does not happen automatically.
The first loan is not just about money today. It is also a record in your credit history that can affect future access to credit.
