How Can I Clean up My Credit Report?

The personal credit system is based on the household income and assets of residents, loans and repayments that have occurred, credit overdrafts, and penalties and lawsuits when bad credit occurs. Individual credit ratings are evaluated and recorded at any time for personal credit A system in which suppliers decide whether or how much credit is provided to them. There are two forms of reflecting personal credit status, namely personal credit report and credit score. In a market economy, the personal credit system is very important. How individuals use credit products effectively and maintain a good credit history is even more important.

Personal credit history

Negative records are generally retained for 7 years abroad, bankruptcy records are generally retained for 10 years, positive records are retained for longer periods, and query records are generally retained for 2 years.

There are two ways for individuals to check their credit reports. One is to

The greatest benefit of a good credit history for an individual is to accumulate credible wealth for the individual. In general, to guarantee a loan recovery, the bank may only give you a loan if you have provided sufficient collateral. If you have a good credit history, you may convince the bank that you will repay on time, and even if you cannot provide physical collateral, the bank will give you a loan. Therefore, a good credit history is like a "goodwill collateral" to help you get a bank loan.

In addition, a good credit history allows you to get preferential financial services, and the bank will have some flexibility and preferential treatment in terms of loan size, term and interest rate. ^[4]