Credit inquiry online | Make loan request online
It is common today to apply for credit over the Internet. Comparison portals on the net make it easy to find the cheapest loan. But there are a few steps between comparing the terms and the contract. One of them is the loan request online – a crucial point in the loan process.
The mere comparison of different providers in the network is not a credit request per se. Comparison portals usually list the providers for the respective preferred loan according to the most favorable conditions (effective interest rates). As a user, you then have the opportunity to make a selection and to submit a credit inquiry online to one or more providers.
Conditions request as credit bureau message
In the credit inquiry you enter your personal data, your address, information on the profession and your economic circumstances. On this basis, the portal then starts a query at the relevant institutes. You will then receive a condition information tailored to your individual needs. Often the personal credit rating differs from the underlying credit examples. You may then be offered different interest rates than indicated in the online comparison.
The respective banks usually report their request for credit online as a condition request to the credit bureau.This is one of their duties as a credit bureau partner and is a prerequisite for receiving information from the credit bureau. The credit bureau records this fact and saves it one year in your credit bureau file. Other banks can not see this message. It also has no effect on your credit rating. Otherwise credit bureau calculates a so-called scoring value based on your credit rating features, which provides information about your creditworthiness.
Only the signed loan application is a loan request
Usually, the loan request online is not enough to get a final and binding loan commitment. This will only take place after successful verification, if you have submitted your loan request in writing, signed it and also verified your details, for example through pay slips or account statements. Only now, the bank will normally report your application to the credit bureau as a “real” credit request, and other banks may detect this for about ten days. This credit inquiry may have an impact on your credit rating, as credit bureau scoring rates many credit requests as negative within a short period of time.
Even if you place a loan request directly with banks online within the context of the respective Internet presence, this is first reported as a request for a quote to the credit bureau. The notification as a credit request also takes place only when processing the written loan application. This is a usance, in principle, the banks can decide what kind of message they make.