People with growing needs, often disproportionately increasing their financial capabilities, need more and more often emergency cash. Due to the relatively high standards that banks expect for new clients, loan institutions are growing in strength. In a less restrictive but equally accurate way, however, they verify applicants for the benefit. In addition to the popular Instantor service , we can hear more and more about a different verification method
How does Credit check work?
One of the most important phenomena of the present decade in the financial industry is undoubtedly the thriving boom of the loan industry. In just 10 years, the development of this market sector has achieved impressive values. Poles have more and more aspirations and needs, and the perversity of human fate often unexpectedly introduces people into financial problems. At a time when banking institutions, in their own actions, seriously narrow down the number of clients – parial institutions are facing such a situation. The basis of their activities are, of course, popular loans and payday loans. Their recognition in consumer awareness is constantly growing due to the Internet and television.
Loan companies often advertise their services as fast, widely available and easy to obtain. There was a widespread conviction that practically anyone could get a break. The issue of debt and actual capacity – a secondary issue. Truth? In no case! Loan institutions, in order to be profitable, must also determine the mechanism of action. Despite the relatively loose rules for granting benefits, they can not afford contracts with people with an unclear financial situation. Under this approach, credit companies have developed ways to verify their customers from the very beginning.
In addition to the KontoConnect service , loan companies are increasingly using one more system. It is called Credit-check and similarly to Instantor, it allows parabanks to quickly check the financial capacity of the applicant for a loan. Let’s get to know the principles of this system.
Credit check – what is it?
The popularity of Credit-check started in 2016. It was then that the loan companies implemented a new system that was to help quick and simple verification of new consumers. The goal was to quickly reject people with undesirable financial opportunities.
Credit-check is a system that allows you to check if the customer does not have a loan at another non-bank company when applying for a loan. Indirectly it is also a help for the consumer – it protects him from falling into the so-called spiral of debt. Often, a phenomenon was encountered where money was borrowed from one loan company to … pay off the debt in the previous one. On such persons, the companies lose, therefore, for two years now they have been applying additional and importantly effective protection against problematic clients.
How does Credit check work?
The operating principles of this system are extremely simple and transparent. Its operators cooperate with the Economic Information Bureau (BIG). Thanks to this, every lender who wants to check data on a potential borrower instantly receives the necessary information about his current liabilities. The system shows all loans if they have not been repaid, but also also presents data on late repayments or their total absence. Therefore, this activity has a similar scope of activity as BIK or KRD.
The Credit-check system puts many potential borrowers in embarrassment. In fact, this is understandable, because according to the Loan Association (ZFP) from 2015, as many as 7 out of 10 loan applications are rejected. The reason is often the same – low or complete lack of creditworthiness.
Do term clients have something to fear?
The answer to this question is simple – no. If we have repaid all our existing liabilities on time and we have not had any problems with arrears regarding, for example, bills, we can breathe peacefully during the Credit Check check. The system has a clearly defined, above-mentioned goal, and does not go beyond its assumptions. Its purpose is to quickly show whether the client is or is not a debtor, and a hasty transition to the next stage. So that the famous speed in the processes of applying for loans in non-bank companies was actually felt.
Which companies use Credit check?
Although over two years have passed, since the media dealing with the financial market have broadly described the then-discussed new system – relatively few companies on the market use it relatively. On the other hand, it is worth bearing in mind that they are quite large and are undisputed on the loan market. For them, the same benefits – thanks to the good recognition of their brand, the flow of customers will continue to flow to them, which will be simply filtered more precisely.
Companies that use Credit check:
- TakTo Finance
- Extra Wallet
- Super Grosz
When applying for a loan in the aforementioned companies, let us remember that in addition to the standard control in such registers, BIK or ERIF eggs, we will be subject to control through the Credit-check system.
Is this solution safe?
It is impossible to hide that it is a safe and reliable system. The Deltavista company, which has an international reach, is behind the Credit-check service. Over the years, she has earned the reputation of being a reliable and reliable provider of economic information for many loan companies. Since 1988, the company originating from Germany has marked its presence in over 50 countries on as many as 4 continents.
The credential and security of Credit-check is also demonstrated by the patronage of the renowned Association of Loan Companies, which for years has been associating and representing the majority of loan companies on the Polish market.