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Loan rejected or high interest rate? Your data might be the real reason

Credit reports are the currency of the future. They shape not only your ability to borrow today but also your borrowing opportunities for tomorrow. Every loan, credit card, or credit facility you apply for depends on how your credit report looks then.

Loan rejected or high interest rate? Your data might be the real reason

Credit: Livemint

Key Highlights

  • And this credit report has the history captured over your entire credit lifecycle.
  • This is why the accuracy of the information in your credit report is extremely important.
  • Regulators have defined standardised formats for the type of information that credit bureaus must collect from lenders.
  • This information is shared by lenders in a templatised manner periodically with the bureaus.
  • In this format, some fields are mandatory, while others are optional.
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Sources

  1. Loan rejected or high interest rate? Your data might be the real reason

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

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