What is credit checking for?
- To check whether you have any borrowings, how many are there, and with which entities
- To check whether there are any third-party loan accounts in your financial records
- To check whether there are any outstanding payments in the past and current records
- To check whether any closed loan account has zero balance after the last repayment is made
- To ensure you are well aware of your financial history so as to prepare yourself in answering any questions of financial institutions where you will apply for the loan
- To ensure correctness in other aspects such as name, surname, address and so on.