FAQ

If you have any questions other than those mentioned below, please feel free to Contact Us . Keep visiting this page to stay up-to-date on new information and tips on credit history, maintaining a good credit score and new products and services that we offer.

1 - What is a Credit Bureau?

A credit bureau maintains databases of positive and negative information about credit-related financial activities that credit providers report to it. These credit providers will consult the credit bureau’s databases when approached by an individual requesting a new loan so that they may understand the individual’s past behavior in managing credit. Note that while the bureau’s database enables the credit providers to identify and analyze an individual’s credit profile, the final decision to grant credit lies with the credit provider.

2. What is a Credit Report?

A credit report is a history of your banking interaction. It displays your personal information as it relates to your ID number, DOB, home and offices addresses and phone numbers. It also contains a record of your current and past financial information relating to the loan requests made by you, loans approved, a 24-month payment history of each account (active and closed) and payment defaults, if any. Please access our website to view a sample credit report.

3. How can I obtain my credit report?

Create a profile on our website by registering yourself. Submit a completed and signed credit report request form with a copy of your CNIC and the appropriate payment. Visit the section “My Credit Report” for detailed instructions. Always ensure that you have read all the “Terms and Conditions” before proceeding with your request.

4. What should I do if information on my credit report is incorrect?

If any of the information contained in your credit report is incorrect you may log a dispute with the financial institution that reported it via our dispute resolution page. See the section “My Credit Report” or the dispute resolution page on our customer portal for details on filing a dispute.

5. What is a credit score?

A credit score is a numerical representation for your credit-worthiness that is calculated based on multiple factors from your credit report, such as your history of on-time payments or the number of accounts in good standing. Lenders in Pakistan are increasingly using credit scores as an indicator to determine if you are considered a low -risk customer, and you can typically negotiate better loan terms with a higher score. Since your credit report often influences whether you are able to buy a home or apply for any kind of credit, it is extremely important to protect your credit score by making loan and account payments on time and by not taking on more debt than you can handle.

Some key information used to calculate your credit score includes your history of on-time payments (personal loans, credit cards, home loans etc.), the age of your credit history and the number of requests by lenders t views your credit (requesting new credit too frequently can harm your credit score). Information such as race, gender and where you live are not used in calculating credit scores.

6. How do I maintain a healthy credit score?

  • Pay the installment amount that is owed on your account(s) every month.
  • Budget – never buy on credit without knowing if you can afford the monthly installments to pay for your purchase.
  • Never ignore a letter of demand for payment. Make a phone call or write a letter to explain your situation.
  • If you are unable to make a payment due to unforeseen circumstances, talk to the credit provider concerned and make alternative arrangements to pay back what you owe.
  • Ensure that you always supply the most accurate information about yourself on a new credit application.
  • Check your credit report regularly to make sure that the information on your credit report is accurate and that your identity has not been used without your consent.
  • Never ignore a summons to court for non-payment. This could become a very serious reflection on your credit profile.

7. What is a default?

If you have failed to make the required payment on your loan account for six consecutive months or more (twelve consecutive months or more for a home loan), your account can go into default. Potential credit providers may look unfavorably on applicants with a history of overdue accounts, so it’s a good idea to avoid defaults appearing on your credit report. To do this, you need to ensure you pay your bills before they become overdue. A paid-off default stays on your credit file for five years after the date you have made the entire loan payment.

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