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When applying for a loan, will the bank check my personal credit records in other banks with a credit reference agency (CRA)?

April 26, 2017agency Bank Banks credit loan records Reference

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When applying for a loan, will the bank check my personal credit records in other banks with a credit reference agency (CRA)?

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Generally, in order to assess the creditworthiness of the customers, banks will check with a CRA which collects information about individual’s indebtedness and credit history. In the event that customers wish to access credit reports, the bank will provide the contact details of the relevant CRA.