The first step to receiving funding is to complete a loan application.
What data for the loan?
Regardless of whether we fill it in online or at the Credit Agent, we will be asked to provide the data range established by the institutions.
First, identity identification
The lender will always want to be sure that the person who applies for the loan is actually who he or she claims to be. For this purpose, the future borrower will have to provide their basic identification data, such as name, surname, PESEL, ID card number. Of course, these data may end up in the hands of someone who will want to use them in the loan process. Therefore, at some point during the process, the institution will verify the correctness of the data provided. How? In the offline process, the Agent will ask for the original ID card and certify that it has seen it, that the applicant is the owner of the ID card and that he checked that the document is not forged. In the online application process, the institution will use one of the means of identity verification . For example, he may ask the Customer to log in as to his bank account. In this way he will compare the invoice data and the data declared by the applicant.
Data necessary to assess capability
One of the purposes of completing the application is to obtain from the customer data for the assessment of creditworthiness. The company will ask the applicant in what form it earns income, how much income it has, but also how much expenses it has, whether it has any obligations and if so, how much does their monthly service cost him. It will also be necessary to provide information on the number of people dependent on the customer. The company may also ask in what type of real estate the customer lives and whether it is its owner, if it rents, or maybe lives with parents. All this information is to examine the client’s level of wealth and see if he can afford to pay his debts.
Each application also contains a range of statistical data that is taken into account by the scoring system when issuing decisions and assessing the likelihood of a customer defaulting. An example of such data would be education. In the risk assessment process, the institution will check how people with the education you have paid back. Statistically, the higher the education, the better the loan repayment.
The customer agrees
For an institution to be able to assess the risk on the client, it must begin the process of processing its personal data. This must have the consent of the customer. On the other hand, the customer must know who processes his data and is their administrator, so the company must give the customer the opportunity to read the information clause. Consent will therefore be based on consent to data processing and an information clause. As a rule, companies also place consent to marketing – in order to be able to send marketing proposals to the client by e-mail, SMS or make calls to him for direct marketing purposes. Marketing consents must be voluntary. The last category of consents is consent to verify the Customer and transfer his data and data on his repayment to the Economic Information Bureaus and the Credit Information Bureau. These consents, as well as consents to data processing will usually be mandatory. The institution must check the client in the databases as one of the stages of creditworthiness verification. Of course, the customer may not agree, but then the application will not be submitted.
Data collected from the customer can be dressed in several categories – personal data, employment data, housing data, obligations. The lender will also always ask for your consent.
The amount of data depends on the process
Each process is different, and each lender can obtain different data from the client. Of course, you can do some categorization, which we have attempted in this article. Finally, remember to always be transparent to the institution. This one can always try to confirm the data we provide. In this way, for example, he deals with our obligations. We provide in the application how many loans, installments, and debt balance. And then the lender enters our report in BIK and confirms the compliance of the statements.
Several applications – the same data several times
When applying to several companies, we usually have to provide the same data several times. Each of them has a different application form, on a different page or in a different system. Solved this problem – data into a single form, which then sends the data to the different institutions, collects them again and decide on an aggregate basis gives the customer profile. As a result, the client must complete only one application and receive decisions from various institutions in one place.