When you lend your money to a friend or family member you do not get to do a credit analysis, but always expect to receive it back. Right?
With the Banks and Financials works the same way … The difference is that usually these companies do not know the person who is borrowing money.
Therefore these financial institutions perform a process called by credit analysis.
Credit Analysis – How is it done in banks and financial?
The credit analysis usually has 5 phases:
1) Request for Cadastral Data
Usually, you begin your registration information (since you are the one who is borrowing money). The most important at this time is to truthfully inform all requested data.
In addition to your identification data such as Name, RG and CPF, date and place of birth, name of the father and mother, companies that are giving the credit need to know their contact information (telephones, email and address), data about their way to make money (occupation, income and employer) and data about your spouse when you are married.
Some personal and professional references will be required for your primary data to be confirmed. Other information on the possession of some goods and means of payment are also common in the registration forms.
2) Analysis of restrictions on your behalf
Based on these data the financial institution begins the credit analysis and verifies if there is any payment pending both with the own institution and with other creditors consulting for this the famous negative records of Serasa, SCPC or others.
3) Analysis of your credit profile
In addition to this analysis, the institution assesses whether its credit profile fits the profile expected by the financial institution through a statistical technique called Credit Score (score of its data).
4) Analysis of the commitment of your income
All in all, the next step in credit analysis will be to assess your repayment capacity, where it is often checked whether the portion of the requested loan “fits in your pocket.”
For this, banks and financiers generally consider that the installment can not exceed a percentage of their salary.
This proportion varies between institutions and sometimes between person-to-person within the same institution, but is usually between 20% and 30% of the sum of their income.
5) Analysis of your documents
Finally, the institution will request its identification documents (RG and CPF) and proof of Income and Residence, and may also make some cadastral checks with the proponent and his references.
In other words, to increase your chance to have your Personal Loan approved, Good Credit suggests that you provide your information correctly, use credit wisely and always be sure that you can honor your commitments.
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»Enjoy reading some related posts:
- 5 reasons not to let your credit proposal expire
- Can credit be denied because I already had the dirty name?
- 10 Reasons Why You Choose Credit at Good Credit