Credit Report Advice

Your Credit Report is the picture of your credit history which contains information about the current and closed loans. It includes payment history where it is clearly seen whether you fulfill your commitments in a timely manner. You can check your Credit Report through My Creditinfo.

Your Credit Report is checked anytime you apply to any credit organization, for a credit card or any other type of credit product. To make a correct decision about the terms and condition of issue of the loan, the organizations need information about how you manage your liabilities.

Credit Report includes:

  • Personal information: Your name and surname, personal number, date of birth, marital status and sex.
  • Information related to loans and payment history: information about all loans (current or closed) in respect to which you are a borrower, guarantor or co-borrower, regardless of whether it is a business loan, mortgage loan, credit card etc., as well as history of repayment of these loans.
  • Searches: number of searches conducted on your Credit Report.

Accuracy of Information

Credit Report may contain wrong information. This may be the result of mistaken delivery of information to Creditinfo or attempt of fraud.

How to correct wrong information in your Credit Report

The most effective means of correction of accuracy in the Credit Report is to contact us. You can take the following steps to do this:

  • Send us a letter describing the inaccuracies in your Credit Report at: info@creditinfo.ge;
  • Call us at: (32)2623555;
  • Visit our office at: 2, Tarkhnishvili Street, 3rd floor, Tbilisi.

When you register your complaint, the Credit Bureau will study the content of the mistake and contact the organization which provided us with inaccurate information. If it is confirmed that information is entered in your Credit Report mistakenly, the inaccuracies will be immediately corrected.

Deletion of information from the Report

Incomplete, inaccurate, wrong or mistakenly provided information in the database of the credit information may be corrected, changed or deleted on the basis of the written application of the subject of the credit history or the written notification of the client of JSC “Credit Info Georgia” (information provider). However, only information sent mistakenly or unlawfully shall be subject to deletion.

If credit information is provided correctly, it is inadmissible to remove it from the Credit Report – regardless of whether it is positive or negative.

In Georgia, almost all loans are issued on the basis of the Credit Report, therefore, true information about you must be reflected in it. By means of My Creditinfo, you can regularly control information about you which is viewed by credit organizations.

Closed Loans

As the Credit Report represents a detailed picture of your credit history, it is possible to find information about closed contracts in it. The history of closed loans allows credit organizations to study your credit behavior.

Information about closed loans remains in your Credit Report for indefinite period of time.

Delayed payments

Delayed payments represent negative information in your Credit Report and is one of the most significant factors to define the credit score.

Credit organizations view your Credit Report as the picture reflecting management of liabilities. Loans which were 30 days overdue in case of individual and 60 days overdue in case of a company represent a kind of a “red flag” for creditors. If you have overdue liabilities, the best way to improve the credit profile is to repay them in a timely manner.

Information about overdue loans remains in your Credit Report within 5 years after repayment of the loan.

Inquiries

The action when somebody is checking your Credit Report is called a search. Some inquiriesinfluence your credit score and rating, while others do not influence them:

Does not influence– checking the own credit history by means of My Creditinfo;

Influences – the search conducted by any third party;

Therefore, it is very important to select in advance which credit institution to apply for a loan to avoid inquiries of your credit profile by many organizations.

How to improve the credit profile:

  • Pay the loan installment amounts in a timely manner
  • Close the loans in a timely manner
  • Apply to the organization for a loan or take a new credit only when you need it
  • Correct the gaps discovered in your Credit Report
Creditinfo Georgia - 2 Tarkhnishvili str. 0179, Tbilisi, Georgia
(+995 32) 262 35 55 info@creditinfo.ge
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