Today, a lot of people come to the idea that they need to buy a house, a car or an expensive product. You can collect money for this only by putting aside the lion's share of earnings for years. There is a quicker solution to this issue - a loan for the purchase of real estate, a car or good kitchen equipment. How to find out what exactly is checked in the package of documents of a potential borrower by the lending organization?
In many financial institutions, the procedures for checking a future credit client are similar to each other. However, each bank has its own approved rules and regulations for verification. That is why, having received a refusal in one bank, you can get approval in another. How is it checked when issuing a loan?
Verification of the data specified in the questionnaire
In the client's questionnaire, all completed information is checked as a whole. The stability of the last place and the period of work at the enterprise are especially carefully checked. Residence data, if they match the registration in the passport, are usually not verified. But if a person lives at an address that differs from registration, a call is always made to clarify this information and preferably from independent sources, and not by phone specified by the client.
The area of the questionnaire is carefully examined, where the current or past credit history of the borrower is indicated. Very often people try to hide the fact that they have already used lending services before. This usually happens due to the client's negative credit history.
In addition to the questionnaire, information about a positive or negative credit history is contained in a credit history bureau, with most financial institutions and banks having cooperation agreements. Therefore, even if the borrower did not write this in the questionnaire, the lender will still find out about it and regard it as a negative characteristic of the client.
A phone call to a potential borrower and his environment
A phone call is a mandatory step in checking the solvency and honesty of a future credit client. Typically, phone calls are made in three directions:
- to the borrower's employer;
- to the person himself;
- to the contact person indicated in the questionnaire;
When you call to work, all the information specified in the income statement and the questionnaire is clarified at the same time. A call is made necessarily to the accounting department to confirm the amount of income and to the client's immediate supervisor to clarify the quality characteristics of a person. When you call a potential borrower, they double-check their personal data. Does the client clearly answer everything, does he confuse anything, doesn’t hesitate when naming his place of work, the name of the manager and his position, etc. the contact person in the telephone mode clarifies all the information that he possesses about the client and is checked against the questionnaire. For more confidence, you can ask for the number of another mutual friend for rechecking. Very often, when cross-cutting questions, all false information is revealed, which, in turn, adds a negative opinion about a person.
Authentication of submitted documents
The income statement of the future borrower is checked both by telephone and by databases. The surname and name of the director specified in the certificate is checked. The length of service for the organization is also subject to verification. Indeed, today a lot of fake certificates are sold even on the Internet. The amounts in the certificate, which are identical to each other, are definitely a fake. This means that a person has never got sick or went on vacation in six months.
The passport is also checked for authenticity in the databases of lost passports and the correctness of the original is checked. The passport and the husband / wife of the potential client are checked. If sellers are involved in the transaction, their passports are also necessarily checked.
When checking documents for a mortgage loan, a legal service is involved, which verifies all the norms of laws in the submitted documents. Also, the documents for the apartment are checked in the unified register that controls the rights to real estate. Since the property can be seized and then the transaction will simply be invalid. A certificate of registered people in the living space is also subject to verification. Since it is possible to buy an apartment in which one of the owners will stay.
So, in order to form an objective opinion about the future credit client, banking specialists use all the databases and verification tools available to them. After all the verification work, the final decision on the client is made. Therefore, a positive or negative decision on a loan depends entirely on the person himself and the veracity of the information provided by him.
