CI is information about what loans and borrowings a particular person took out over a certain period of time. The register contains information about payments, debts and arrears.
Documents about borrowers are stored in the credit history bureau (BKI). Any person who has borrowed money from a bank or microfinance organization at least once has a unique dossier. Lenders evaluate a potential borrower’s credit score before lending them money. If there are “dark spots” in his CI, then there is a high probability of failure.
How to fix bad CI
Correcting a damaged credit history means adding fresh positive entries to your file, the value of which will offset past negative experiences. To do this you can:
Pay off open debts, including early
Consistently take out several small microloans and pay them back on time
Issue a credit card with a minimum limit, regularly pay for purchases with it and make mandatory payments
It is worth taking out a loan or card only if the client is confident in his capabilities and can repay the debt on time. Otherwise, your credit history will only get worse.
If the CI is damaged due to an error by a bank or microfinance organization, you must contact the BCI with supporting documents and write an application to correct the data.
You can learn more about how to correct your credit history in our review.
Who will receive a microloan with a bad CI
A capable borrower who has:
- Citizenship
- Current passport
- Permanent residence (registration)
- Age at least 18 years
- Personal mobile phone and email
Stable source of income
If you buy a personal insurance policy, provide a certificate of income, or register through State Services, the likelihood of receiving a positive decision from an MFO will increase. The minimum age may be raised to 20–21 years.
The problem borrower needs to convince the lender of his solvency and intention to repay the debt in accordance with the agreement. Then a damaged credit history will not become an obstacle to obtaining a microloan.
Where can a client with a damaged CI get a microloan?
This service is offered by some MFCs and MCCs. Special conditions are established for clients with damaged CIs. You can urgently receive the minimum amount on your card or in cash during a personal visit to a microfinance organization. A prerequisite is citizenship.
When choosing a loan, pay attention to the amount, repayment period, rate, requirements and other conditions. To improve your CI, you can take out several loans. The main thing is to realistically assess your financial capabilities, because the debt will have to be repaid.
How to apply for a loan with bad credit history
Procedure to apply online:
- Check out the offers in our catalog
- Select a suitable loan and click “Submit Application”
- Fill out the form on the official website of the MFO
It will take you no more than 15 minutes to fill out the form. A preliminary decision is given immediately.