Credit scoring is intended to reduce the risk for a creditor. If you had difficulties with repaying any loans or installments in a timely manner, the score declines. If you paid instalments on time, you can expect better loan terms.
Bad credit history causes the bank to determine its risk to be high and strive to compensate for it in a variety of ways. Banks use a large pool of securities, which translates into higher commission and increased loan costs. With large loans, such as mortgage loans, it means the increase in expense by tens of thousands zloty.
You will access the report after logging into BIK website. It will contain basic information on credit worthiness of a given person. It includes a number of loans, hire purchase products and current scoring. The extended report includes such information, as who has reservations as to loan recipient’s credibility. It is possible to make an adjustment entry in BIK (and remove the entry from the KRD).
You work your whole life on credit history, however, there are certain options to improve your BIK scoring. The simplest solution is to repay liabilities in a timely manner. It does not mean that you should draw loan if you do not have them. BIK system considers such products as a credit card, account overdraft, leased car as credit, so using these products reasonably you can improve your BIK score in less than six months. Our experts are happy to help.