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How long would negative information stay in your credit report?

Tuesday 18, 02 2020
The lender can use your credit score to make a credit decision, the terms involved, or the interest rate you will have to pay for a debt.
How long would negative information stay in your credit report?

The credit history of individuals is very important to all organizations and individuals involved including the State Bank, Credit Institutions, utility businesses (electricity, telecommunications, water and television. cable ...), business owner and the customers themselves. As a result, the customer themselves needs to know their credit registration, credit report, credit score and which agencies are keeping credit information and giving them credit scores.

What is credit report?

A credit report is a written record of people’s credit history, usually including the following:

• Identification information: Name, address, identity card number (or passport number), date of birth and other relevant information.
• Current credit status: Information about customer's credit, outstanding balance, list of related credit institutions and their payment history.
• Public records (if any): Negative information regarding customers such as court related information, tax debt, bankruptcy, etc.
• Information lookup history: List of credit institutions or individuals who have requested to get customer’s credit report.
• Credit score: is a score that reflects customer’s ability to repay their loan. 

​Why is credit report important?

Individuals' credit reports are very important to the State Bank, Credit Institutions, voluntary organizations involved in credit information activities and the customers themselves:

• Lenders can use their customers' credit report information to make decisions on whether they can be granted a loan and related issues such as terms of loan, interest rates, etc.
• Insurance companies can use the information to decide whether their customers can get insurance and set the price they have to pay.
• Employers can use your credit report (if you allow it) to decide whether or not to hire you.
• Phone companies and utilities may use the information in your credit report to determine the service for you

Where does credit information center (CIC) collect your information?

CIC collects your information from credit institutions, voluntary organizations involved in credit information activities, from borrowers themselves and from other public sources.

How can customers use their credit report?

Every 12 months you can request a free copy of a credit report from CIC by contacting CIC for registration and information mining. From the second request within 12 months, you have to pay the fee as prescribed by CIC.

• Access www.cic.org.vn or contact CIC's Customer Support Center at: 024.33119218 / 024.33525958
• You need to register information to access your report, such as your name, address, ID number (or passport number), date of birth and other relevant information.

Who is allowed to get and view your credit report?

Because credit reports include personal information, CIC can only provide these credit reports to:

• State management agencies in direct service of professional activities of inspection, supervision, investigation, prosecution, trial and judgment execution; surveys, social statistics and other purposes as prescribed by law.
• Units of the State Bank serving the State management requirements of the State Bank.
• Credit institutions, foreign banks' branches serving the needs of seeking customers, assessing customers' solvency, managing credit risk and other banking operations.
• Voluntary organizations for customer evaluation and other purposes as prescribed by law.
• You yourself can get and view your credit information
• Organizations or individuals who have your written consent.

Does the credit information center decide whether or not to grant credit??

CIC is not a unit that makes credit decisions. CIC only provides credit reports to credit institutions as a reference for considering granting credit to customers.

How long would negative information such as overdue debt, late payment of card, etc stay in your credit report?

According to Circular 03/2013 / TT-NHNN, negative information is kept for 05 years. That is why CIC only provides credit reports with negative information history of no more than 05 years.

What is a credit score? How is credit score calculated?

How long would negative information stay in your credit report?

Credit score is a figure that reflects the information in your credit report. The score summarizes your credit history and helps lenders predict the ability to repay and pay the fees when the loan is due. The lender can use your credit score to make a credit decision, the terms involved, or the interest rate you will have to pay for a debt. The information primarily used to calculate your credit score includes:

• Identification information
• Number and type of credit accounts you have (regular loans, credit cards ...)
• Your payment history
• Outstanding debt and current debt situation
• Other negative information
• Credit relationship time
• Search history for your credit information

What could change your credit score?

Because your credit score reflects the information in your credit report, changing the content of your credit report may be a way to change your credit score.

How to correct errors in your credit report?

If you find errors in your credit report, you can request removal or adjustment of information and provide relevant proofs. You can contact the Customer Support Department of CIC or make an online complaint through the website of CIC.

​>> Vietnam Credit and Company Credit Report

Source: CIC

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