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Credit applications tend to be submitted by several financial institutions



Consumers are increasingly submitting credit applications to more than one financial institution. Some seek to compare funding conditions and choose the best deal, while others seek funding after a rejected application at another institution, according to data from Good Finance credit history system.

Among the users who in 2016 In 2004, 11% of the banks wanted to borrow from two or more banks. By comparison, 2013 Of those who applied to banks, 9% applied for at least two. Similar tendencies are observed when residents turn to other financial institutions.

Here are the loan applications for leasing and larger consumer credit

Here are the loan applications for leasing and larger consumer credit

In two and more institutions in 2013. On average, 31% of borrowers completed the program in 2016; their share increased to 33%. Residents are turning to more small credit companies as well. The proportion of borrowers who filled out credit applications from two or more companies, 2013-2016. increased from 43% to 51%.

“For several years we have been seeing a growing proportion of consumers turn to more than one financial institution for borrowing. On the one hand, this is good because consumers are turning to more funders to compare their terms. On the other hand, 2016 It emerged that more than one financial institution is more likely to turn to consumers whose creditor’s application has been rejected. Financial institutions rejected an average of 6-8 applications out of 10 last year, depending on the segment, so unsecured customers sought financing from competitors, ”says Andrius Bogdanovic, CEO of Good Finance, a credit bureau.

True, Good Finance data shows that borrowing applications to a competitor are rarely successful after a rejected application. For example, 2015 the proportion of consumers who applied for and received credit from a competitor after a rejected application was 29%; the proportion of such customers fell to 20%.

The most common reasons for rejecting a credit application

The most common reasons for rejecting a credit application

Are the client’s overrun of 40% of revenue and fin. liability ceiling, unstable income, strained or bad credit history, filing without spouse’s consent.

Good Finance is a self-service system where residents can find out their credit history, credit rating, and register with the “I don’t want credit” registry. Credit history is assessed by borrowing at banks, through mutual borrowing platforms, through leasing, consumer credit, telecommunications, and other contracts. The credit history report is free once a year. The self-service system is owned by Good Finance credit bureau.

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