Your credit report is the key to your loan applica

Your credit report is used by lenders to assess whether you are a good risk for a loan or credit card.

Credit reports are getting much more comprehensive. Last year, credit reports were expanded to cover such things as a borrower's repayment history.

The new comprehensive credit reporting regime is voluntary for lenders and some are not yet using the new expanded data to assess borrowers. Credit unions say some of the elements of the new regime are expensive for them implement.

Source: Banking Day

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