At the time you submit a loan or other forms such as credit, the lending institutions will automatically see the history of the borrower’s personal credit is. Without giving the slightest said the lender could have locked their computer that they have hold your data and you may be amazed at their knowledge of your finances. Once you submit an application, the information is statistically analyze all the applications you add.
The banks have been collecting data about you for years and give your financial information to credit agencies. By the time you make a credit application they already know whenever you have late payment and the balance of the loan and credit card payments as well as how you are only paying the minimum each month until the credit limit you may have. Computers quickly analyze your application is eligible to provide new loans or not.
If the lender has a credit information about you the more accurate the decisions they make.
Meanwhile, student loans and their payment history is not given to the creditor institutions for taxpayer debt is not as regular commercial business.
The result can be understood the amount of arrears for the payment after they graduate.
At the time of payment of debt after they graduate students conducted by direct deduction from salary at which they work together following a national insurance and income tax. This method is efficient and especially to avoid bad credit.
Industry lender actually wants to know all the information about student loans that the lender provides the appropriate credit loans so significant to the borrower’s monthly income.
Association of Counseling Service agree if the information about student financial institutions are also given to the creditor institutions. Although under pressure from various parties, but the Ministry of Education remained steadfast in his stance to refuse permission to provide information to the commercial sector.
Purpose institutions actually to avoid students from a variety of debt so they are more focused on paying their debts.
Until now agencies do not know the lenders debt history student.