Comprehensive Credit Reporting Won’t Miss Your Good Performance
When we soft landed into the internet territory a couple of decades ago, our lives became a lot more transparent and out on public display. Truth be told, we do not like the way we can be judged online many a times but there are considerable advantages, too. Take the comprehensive credit reporting for instance.
Collecting and collating data
Our lenders now have our entire financial data at their disposal and they can collate and analyse this collected data for approving of or rejecting our loan requests. There is no way now that we can hope our payment delinquencies will be hidden from them anymore.
Comprehensive reporting is….well comprehensive
The good point is that the comprehensive credit reporting is not out there to avenge itself. It does not hold grudges against you and if your loan application is rejected there must be very good reason for it.
2 years’ payment history tracked
Earlier, the reporting system was built around finding mistakes. Comprehensive credit reporting has changed all this. It now rewards you for your good financial conduct, too. In comparison to the past where late payments and missed payments were the only entries recorded, now the lenders can go through last 2 years of payment history.
Effectively this means that if you have made your payments on time and have relieved yourself of your financial duty conscientiously, your performance will not be lost on the lenders. For all you know, you will be rewarded by a low-interest loan agreement.
All this to say that now is the time to get really meticulous with your payments. Set up an electronic debit facility if you are time poor and are likely to miss out on paying your dues. Payments you must keep a tab on may include, but are not limited to, utility bills, mobile phone bills, credit card payments, rent and mortgage payments.
What methods do you use to manage timely payments?