We make thousands of decisions each and every day. All those decisions are important, of course, but when they are financial decision you have to be extra careful. Because bad decisions related to your finances will cause you losses and they will reflect a bad image of yourself. These are known as negative credits. This negative credit can affect you in a very bad way specially when you are getting a car loan, housing loan or even a job. If you have a bad history of credit you might be turned down in these occasions. There is, however, a limited number of options. First and best way is to understand your credit history and start making better decisions so your report will reflect a good image of yourself. And in order to do this, you need to understand your credit history.
The report that contains all your credit history has a good amount of information, of course. To be honest, these reports are not very easy to understand. But they have enough data to have a good picture of your credit check in Hong Kong. Agencies and bureaus that provide these services have made them simpler, so general public can understand them as well. First section of these reports consist of your personal information. For instance, this section contains your name, location, previous jobs and places of employment etc. Most of the time, there can be misspelled words in this section, specially your name can be misspelled. It is your responsibility to make sure all the information included in this section are correct and up to date.
Next section would be the account history. This is the most detailed section in your report and it would be the most difficult section to read. This contains a lot of complex details about your financial decisions and it is important to read these details thoroughly. There will be other sub sections within this account history including, but not limited to, Company name, Type of account, Balance, Account number etc.
Next section is public records. Criminal record check that collect your information and create these reports go through a heap of data and collect information like judgements, bankrupts, overdue child support, tax liens etc. This section is basically a collection of mistakes in your financial history. Time duration of this section may vary from 7 years to 10 years depending on the type of your account.
Credit inquiries is another section in your credit history. This section will include details of the parties and individuals who accessed your credit details in past two years. Reading these sections can be tricky but it is important to read them carefully to have an idea about your own finances.