Why the credit report is important?

A credit report is a collection of information from various Credit Institutions that records your credit payment history. A good credit history will make getting credit approval easier because most Credit Institutions will check your credit report to evaluate your credit score before making a decision. 

Does the credit report make my loan application rejected?

Many borrowers believe that sharing credit information will reduce their chances of getting loans. This is a very unfortunate misunderstanding. Normally, Credit Institutions check on many factors to make lending decisions, including debt repayment history, solvency, collateral of borrowers, and credit policies of such credit institutions.

With the credit report, the Credit Institution will have a comprehensive view of the financial situation, solvency, and understand the causes of late payment of the borrower (if any). This is the basis for Credit Institutions to evaluate the repayment ability of each borrower to make loan decisions as well as appropriate interest rates. The more complete and detailed information in the credit report, the easier it is for the Credit Institution to assess the risk of a loan and can still decide to lend even if the client has had a late payment loan. Little information and lack of transparency will increase the level of risks, causing Credit Institutions to hesitate in lending.

Therefore, for borrowers, in addition to borrowing with a plan and fulfill repayment obligations on time, providing sufficient information to the Credit Bureau is the best way to increase your chances of getting a loan with more preferences. 

Do I have the right not to share information?

Borrowers have the absolute right not to accept information sharing. However, this can have the following undesirable consequences for borrowers:

- Credit Institutions lose a valuable source of information to underwriting “Loan Application Form”, so verifying information will take more time and more risks. A high rate of risk can increase lending rates; 

Credit institutions may doubt the quality of loans that borrowers are having when you do not agree to share the information; 

If a Credit Institution rejects a borrower's loan application, will other Credit Institutions do the same?

Different Credit Institutions may have different credit policies and assessment criteria for borrowers. Therefore, if a borrower has been declined in one institution, they can still be accepted from another institution. If an institution refuses, borrowers should check their credit report before making another loan application. 

Can I use my Credit report at PCB to submit as a document in the bank loan application?

The Credit report shows borrower's information provided by PCB is used as a reference document to supplement the information to the borrower. Borrowers are solely responsible for their own decisions when using the credit information services. 

Can I modify the Credit Report that was taken from the PCB to give to a third party?

Borrowers are not allowed to modify or copy the Credit report to provide them to a third party, except for the cases specified in Clauses 2, 3, 4, Article 14 of Decree 10, specifically except the following cases:

- Borrowers to check the information of themselves at the data warehouse of PCB or to make additional documents for applying for credit;

- Other Credit Bureaus to serve organizations and individuals in accordance with the law;

- Competent State agency in accordance with the law. 

Why do Refreshed borrowers need a Credit Report?

Credit report helps Credit Institutions and borrowers to update the credit status of borrowers and support borrowers in getting loans. When a borrower applies for a loan, Credit Institutions such as banks and finance companies will only provide credit to the borrower when they know how well the borrower is able to repay the loan. For examples:

- Car loan

- Home loan

- Student loan

- Credit card

- Business loan 

PCB’s credit report is only for Vietnamese people?

PCB’s credit report is for any individual, not only for Vietnamese but also for foreigners, as long as they have a credit relationship in Vietnam, and the Credit Institution they have a relationship with is a member of the PCB. 

How long does bad debt history show on the PCB Credit Report?

PCB's Credit report shows up to 36 historical months from the closest updated month. This means that if the borrower has paid off the overdue debt with the Credit Institution, this bad debt history will continue to appear in the next 36 months from the date of payment. However, the current status is still regularly updated and reported. In addition to the payment history and expenditure history of each loan contract, the PCB's Credit report also provides the information about the largest overdue debt of the entire history of the contract. 

Does the borrower know which Credit Institutions have queried their Credit report?

Yes, when the borrower requests to get his / her own credit report, that information will be shown on the report. 

How do borrowers know who has reviewed their information?

When an institution checks or queries Borrower’s information on PCB's database, this will be recorded in the system. These records show which institutions seek information about the Borrower, with what purpose and when did it happen. 

How to improve your credit status?

You can improve your credit status by doing the following simple things:

- Pay your debts/ overdue debts as soon as possible;

- Keep your credits in manageable state;

- Eliminate bankruptcy / litigation;

- Check the Credit report regularly (at least once a year) to ensure that there are not any errors on the report. This is especially important when borrowers plan to apply for new credit. 

Can I check other people's Credit reports?

No, you can not. PCB only provide Credit reports to the borrowers themselves to get their own reports or the Company owners to get reports of the Company. 

What is the process of getting a Credit report?

To get your personal Credit report, please come to our office with your ID Card:

PCB’s Headquarter: Suite 1303B - Vietcombank Building - 198 Tran Quang Khai - Hoan Kiem - Hanoi,

Or,

Representative office at address: 4th floor, Vietcombank Building, 13-13 bis Ky Dong, Ward 9, District 3, HCM City.

PCB works from 08:00 - 17:00 on weekdays from Monday to Friday.

Picking up your report for the first time in the year will be free. Issuing your Credit report for the next times will be 40,000 VND (VAT included).

In order to ensure the confidentiality of borrower's credit information, PCBs only issue reports after verifying the borrower information to get their own report or to the person authorized by the borrower. We do not send the Credit report through other channels such as: email, courier, scan ...

In case that you are far away and cannot get your personal credit report directly, you can authorize another person to come to PCB to get the Credit report for you. After writing an authorization letter, you can authorize the documents at the following agencies:

- Certifications at People's Committees of communes, wards, or higher;

- Notarize the contents at the notary office;

- Legalization of foreign consulates.

The Borrower authorization form can be found at the notary office. The content of the authorization letter must show the authorization for the authorized person to get the credit report at the PCB. The authorization period shall be as agreed by the parties or prescribed by law; If there is no agreement and no provisions by law, the authorization contract will take effect for 1 year from the date of establishment of the authorization. After having the authorization letter, the authorized person will bring the authorization letter and the ID card with a notarized copy of you, the ID card of the authorized person to the PCB Company to get the report.

It will take about 15 minutes to issue a Credit report with the following sequence:

- Customers fill in personal or legal information on the request form for credit report.

- PCB authenticates the information of the person who comes to get the credit report with identification papers and request form.

- PCB provides credit report to the customer. 

If the Borrower's information on PCB's credit report is incorrect, what should the borrower do?

The Borrower has the right to request to review and adjust the content of their own credit information if detecting errors. In that case, the borrower can go to the related Credit Institution or the PCB to submit a request for information checking and correction. PCB and the related Credit Institutions will be responsible for resolving complaints of Borrowers. In this process, the Borrower is obliged to provide fully and honestly the credit information to the related Credit Institutions or PCB and not taking advantage of the false claims that damage Credit Institutions and PCB.

end faq