Credit Report Basics

Your Credit Report is the picture of your credit history which contains information about the current and closed loans. Payment history and information related to overdue loans also make part of the Credit Report. In addition, the Report contains certain personal data. The Credit Report is used in the decision-making process by almost all credit organizations operating in Georgia (all banks, micro-finance organizations, online lenders, distribution companies, development companies, insurance companies etc.)

What is included in the Credit Report?

The following is included in the Credit Report:

  • 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.

How is information entered in the Credit Report and how often is it updated?

Once in every two weeks’ organizations sends updated information to the “Creditinfo” database. As the companies deliver us information in various periods of months, this may result some inconsistency in your Credit Report which will accordingly influence your credit score.

In case of discovery of an incosistency in your credit report, you can ask “Creditinfo” for help. The fastest way to correct the mistakes is to contact us.

Why is the Credit Report necessary and what it serves?

During consideration of your application for a credit (for business loan, consumer loan, mortgage loan, credit card, installment, Internet loan etc.) the organization needs to check your payment behavior and current liabilities. The Credit Report is the evidence of your financial credibility.

Who may view your Credit Report?

The following persons or organizations may become interested in your Credit Report:

  • You personally: By means of My Creditinfo services you can find your credit history. Viewing your Credit Report by you does not influence your credit score and rating.
  • Credit organizations:In case of applying for the purpose of taking a loan, the credit organization may ask you to view your Credit Report. Generally, such kind of searches influences your credit score and rating.
  • Employers: When making a decision on hiring, or during the employment period, the employers may need to view your Report.
  • Other organizations: Your credit information may be viewed by other organizations (insurance companies, development construction companies etc.) if such need arises during the period of providing services to you.

How long does the information remain in the Credit Report?

 

Negative information remains in the Credit Report within 5 years after closing the contract. Loan shall be considered negative if it recorded as more than 30 days overdue in case of a natural person and more than 60 day overdue in case of a legal entity.

Positive information remains within 7 years. Countdown begins from the day of closing the contract.

How is information deleted from the Credit 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 “Creditinfo Georgia” (information provider). However, only information sent mistakenly or unlawfully shall be subject to deletion.

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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