What does it mean when loan approval appears on a credit report?

1. What does it mean when loan approval appears on a personal credit report?

The loan approval record on the personal credit report will generally be displayed in the inquiry record, which means that because the borrower has applied for a loan and has been inquired about the credit report by the lending institution for the reason of loan approval, the credit report will be displayed in the credit report. Corresponding records will be left in the query records of the report, which will display the query organization, query time, etc.

However, the presence of loan approval records on the credit report does not mean that the borrower has received a successful loan. It must be analyzed in conjunction with the loan records on the credit report. In fact, it is to check whether there is a loan record in the loan record that matches the name of the loan approval query institution. The loan time is relatively close to the query time.

For example, if the loan approval time is December 20, 2022, the name of the query institution is China Merchants Bank. Then you need to check in the loan records to see if there are any new loans from China Merchants Bank from the lending institution after December 20, 2022. If it says that the loan was successful, it does not mean that the application was applied but not approved.

2. Does loan approval record affect credit report?

The reasons for affecting credit reporting are as follows:

1. Loan approval records, credit card approvals, and guarantee qualification reviews are collectively referred to as hard inquiry records, which all indicate that credit business has occurred. The final result may not necessarily be a successful solution, but judging from the motivation for initiating the behavior, it is likely to be due to lack of money and poor economic conditions.

2. In particular, hard query records occur more frequently and more frequently, such as more than 3 times a month, which will make the borrower’s credit report worse. At the same time, it also shows that the current If the borrower has relatively large economic problems, the corresponding lending risk will rise sharply, and the credit institution may reject it during the subsequent approval process.

Summary: Although the loan approval record is slightly less serious than the overdue record, because it will ruin the borrower’s credit report, it means that the financial situation is poor and the repayment ability is not good. It is not conducive to subsequent loan and credit card approval, so borrowers should still treat it with caution.

3. How to delete loan approval records?

As long as the borrower has indeed applied for a loan himself and the lending institution inquired about the credit report for the reason of loan approval, the remaining loan approval records cannot be manually deleted, even by the reporting lending institution. There is no such right.

If the borrower wants to eliminate the loan approval record, he can only wait patiently for 2 years. Because the loan approval record will only be retained on the credit report for 2 years before being eliminated, the borrower can calculate the elimination time based on the time of the loan approval record.

For example, if the loan approval record time is December 27, 2022, it will not be automatically deleted from the query record on the credit report until December 27, 2024.

What does it mean when loan approval appears on personal credit report?

The borrower's credit report shows "loan approval", which means that the borrower has applied for a loan at a bank or other financial institution. . There are two types of loan approval records, one is for inquiries and the other is for loan applications.

Queryed records: This means that the borrower authorizes the financial institution so that the financial institution can query its personal credit report. It can only mean that the borrower has indeed applied for a loan line of credit, but it is not certain whether there has been a specific loan application.

Loan application: The borrower not only applies for a credit line, but also applies for a loan, and should also have corresponding repayment records.

The number of credit report inquiries is generally divided into loan approval, credit card approval, pre-loan review, guarantor qualification review, post-loan management, etc. Loan approval, credit card approval, etc. are all common credit records. It does not have a big impact on the borrower's credit application.

How is the loan reflected in the credit report? Presented both ways!

Most people know that loans and credit cards will leave records on the credit report. Any application, use, repayment, overdue, and settlement will leave information that can provide reference for subsequent credit agencies. , so how does the loan reflect on the credit report? In order to help you better understand the contents of the credit report, today we will briefly introduce the relevant contents.

1. What content will be displayed on the credit report?

1. Personal information

The credit information system will display the information you fill in based on your business dealings with financial institutions. Therefore, if you have not handled business for a long time, it may be different from the actual situation. For some discrepancies, the name, ID card, marital status, detailed address, previous workplace, etc. will be displayed here.

2. Information summary

It mainly displays credit card and loan records. It is a summary of information. Many approving personnel want to see your total liabilities, so they can see it in the information summary, such as the number of accounts. , the number of overdue accounts, the number of accounts overdue for more than 90 days, etc., divided into mortgages and other loans.

3. Credit transaction information details

Specific loan and credit card records, including loan time, loan institution, loan amount, remaining amount, overdue status, etc. Special circumstances will be marked in red. Display, such as overdue.

4. In addition, there are public information details, query records, situation descriptions, etc., which are also reference content for institutions.

2. How is the loan reflected in the credit report?

1. Display alone. For example, if a one-time loan business is successfully processed, the time, institution, amount, status (unsettled/settled), remaining amount, overdue, etc. will be displayed.

2. Combined display. Some loans will be displayed in a consolidated manner, such as revolving loans, installment business, etc., to avoid having too much data causing your credit report to become corrupted.

That’s it for the introduction of loans shown in credit records.