Loans for Bad Credit Score in Hong Kong
Bad credit loans are products designed especially for people with a poor credit report. These loans come with higher interest rates and greater restrictions to mitigate the risk of you not paying back your loans. Check out the available loans below.
What is Transunion Credit Report?
Transunion Credit Report is a record of your credit activity, including the details of your credit limits and loan amounts. Your payment history is also included. Delinquent accounts, bankruptcies or lawsuits, if applicable, will also be seen in your credit report.
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Why does Credit Score Matter?
Credit score should be on your radar when it comes to applying for personal loans. This information is useful for lenders to evaluate their risks when lending money to you. They will also use this information to determine the loan amount, tenor and interest rate.
How to Improve My Credit Score?
- Settle your bills on time
- Check your credit report on a regular basis and amend questionable data timely
- Avoid excessive credit card applications
Check out more about improving your credit score on this Complete Credit Score Guide.
FAQ
What impacts my credit score?
- It will be affected by your payment records, total credit/loan balance, the length of the credit history and your credit accounts.
What is Transunion Credit Report?
- Transunion Credit Report is a financial dossier that details your credit activities. It will help banks or finance institutions to evaluate the credit risk of a customer.
Who can access my credit report?
- When you apply for loans, credit providers may request to access your credit report.
What should I do if the information in my credit report is questionable?
- You can request for data correction with TransUnion. It usually takes around 40 days to complete the investigation.
For how long is a credit score valid?
- Generally, it is valid for 5 years. The credit score will be adjusted based on the growth of your credit history and changes in your payment record.
