Credit information – A brief background on how they work

A credit report is a basis that banks and lenders use when making risk assessments for whether borrowers have the right financial conditions to pay both interest and amortization. The information is based on the borrower’s financial history and current situation. It is good to take as little credit information as possible.

Credit card briefing


According to the Consumer Credit Act (2010: 1846), banks and lenders must take a thorough and careful credit check before granting a loan. The banks have solved the problem by jointly owning the credit information company E-Money. In order to make a credit report, it is required that the client has a legitimate need.

In practice, this means that anyone who is the subject of a credit report should, for example, want to review a loan offer from one or more banks, which is a prerequisite for enabling an improvement in their loan situation. Information can also be made if you are going to rent a home or if an employer is going to hire someone who will have a great financial responsibility.

Personal data is registered for 12 months and includes:

  • Identity information such as name and address.
  • Income, possibly property holdings and possible marriage preferences.
  • Current loans and credits.
  • Payment notes and debt balance.
  • Previous credit reports (last 12 months).

The risk with too many credit reports

The risk with too many credit reports

Each time you apply for a loan from a bank or lender, a credit report is made. A little information is nothing to worry about. However, it can be problematic if you accumulate too many credit reports for too short a time. There is a great risk that the banks and lenders interpret it as you plan to obtain several loans at the same time, which in this case affects your ability to repay.

A lower repayment ability usually results in a low credit rating, which leads to higher interest rates for those who are borrowing. To ensure that you find the best loan solution possible, Good Credit works with two credit information companies, Good Finance and E-Money Sweden. Click on the names of the respective companies to read more about them.

Compare with Good Credit

If you instead, completely free of charge, compare with Good Credit you get loan offers (interest from 2.95% -22.59%) from over 30 different banks and only one credit report is made. With us, you can borrow up to USD 600,000 and you will be notified within 24 hours. The money is then paid out to your account within a few days.

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