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5 rules of thumb about: Credit database

Five tips on what to do with your credit database

What is a credit database?

A credit database is a new database that will include an extended credit picture for a person and will gather his data from most financial institutions.

What use is recommended to make with the repository?


Get your report

Each customer is entitled to receive one report per year. Today it is possible to obtain a report that includes data from 3 years back. you Report You can Order by ether Web of The system,

using the computerized voice response or

by delegate

Did you receive the report? Be sure to keep it in a known place

Each restoration of a report will cost you 10 NIS.

2. Study your situation

The report contains all the data regarding your credit and guarantees and their terms. Review the data in the report carefully.
If your report contains only positive data, you can get good credit terms if you need credit.
Incorrect data appearing in the report? You can apply through the website to submit an inquiry and request to amend them.
Negative data report? Know that when you apply to a financial institution for credit, the terms you receive will reflect your past conduct. If you have not met your obligations or your account has been restricted, you will have difficulty obtaining credit or you will receive credit with less favorable terms.
3. Don’t take out a loan if you can do without it or if you’re not sure you can pay it back in full. Have you taken out a loan? Meet your commitments. Credit needs to be repaid. Always had to. Today, more than in the past, any delay in payment or non-compliance with the payment will damage your credit rating and increase the price of credit you receive in the future.
4. You have loans / credit facilities – you can contact another bank with your report for an offer to improve the conditions you currently have at the bank. Did you get better conditions? You can go back to your bank and ask for better conditions.

5. Check your rating at the credit bureaus – The Bank of Israel has granted a special license to 3 companies that serve as credit bureaus and they will be able to connect to a credit database: Dun & Bradstreet, BDI

andguideline. Based on the data in the database and according to an algorithm developed by the credit bureaus, the level of risk will be defined for each customer. A financial entity (banks, for example) that considers extending credit to a customer will contact one of the credit bureaus to obtain a rating according to which the terms of the loan will be determined. Considering taking out a loan? It may be worth it to check your rating in the three companies and with the better rating contact the financial institution for credit. You can request a report from the credit office once every 12 months for free.

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