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?
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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) Application for Cadastral Data: Normally, your registration data begins (as 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 how to earn 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.
Analysis of restrictions on your behalf
2) Analysis of restrictions on your behalf : Based on these data the financial institution starts the credit analysis and verifies if there is any payment pending both with the institution itself and with other creditors by 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 if your credit profile fits the profile expected by the financial through a statistical technique called Credit Score (score your data).
Analysis of the commitment of your income
4) Analysis of the commitment of your income : If everything is correct, the next step of the credit analysis will be the evaluation of your ability to pay where it is usually checked if the requested loan amount “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 your identification documents (RG and CPF) and proof of income and residency, and you can 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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