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Loan approval in France | Hypotheken
Credit assessment is a measure taken by a creditor to establish whether a particular individual is eligible for credit. Credit review involves obtaining a thorough analytical review from a credit reference office or agent. Usually the reports contain fundamental information such as date of birthday, NI number, adress, job histories, actual employers and incomes as well as payments behavior (from mortgage, loan and other debts), which are all displayed as scores.
You are scored to verify the amount of exposure you pose to a creditor. In a credit assessment, paying behaviour is recorded through line item reports from lenders to credit bureaux, such as late or missing pay. When a credit review shows that a debtor has a low exposure to repayment, the mortgage/loan or customer credit line may be declined.
It is a common credit assessment concept in English-speaking regions and can be used in various contexts. The Bank of France in France keeps records which are only available to banks licensed by the Bank of France. Records refer to a single individual only if he or she has made out inadmissible cheques, taken part in deceptive activity, been declared insolvent in France or has cheques suspended.
When a person has had credit standing issues in the UK or elsewhere in the UK, this has no effect on their use in France as they will not appear. Credit checks are carried out by the UK creditor every times you request a credit line or try to obtain credit for the sale of a vehicle or home.
Your credit rating will be affected and you will not be able to get the loan or mortgages if your credit rating is low. But if you're applying for a loan or mortgages in France, you only need to submit your last 3 months account statement and your last 3 months payslips (or your last 3 years taxes returns).
No credit reports or scores to be worried about. Indeed, if you open a franc bank, creditors cannot see your british credit history when they are deciding whether to give you a loan, a mortgages or a credit cards. Therefore, you do not need to review it periodically to make sure it is up to date and closely mirrors your credit rating.
With no credit rating, you can get the best offers available! Please note that Great Britain and France both have their own database system and do not exchange information. So, if you had a problem with your UK banking book (e.g. overdraft) that was over 3 month ago, it wouldn't interfere with your France loan request.
A further benefit of taking out a franc ophone is that if a franc ophone refuses your request, you can send it to another franc ophone otone! As there is no credit information in France, the banking institutions do not know where you submitted your request. In addition, this has no effect on your British creditworthiness.
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