What does it mean when loan approval appears on a credit report?

1. What does it mean when loan approval appears on a personal credit report?

The loan approval record on the personal credit report will generally be displayed in the inquiry record, which means that because the borrower has applied for a loan and has been inquired about the credit report by the lending institution for the reason of loan approval, the credit report will be displayed in the credit report. Corresponding records will be left in the query records of the report, which will display the query organization, query time, etc.

However, the presence of loan approval records on the credit report does not mean that the borrower has received a successful loan. It must be analyzed in conjunction with the loan records on the credit report. In fact, it is to check whether there is a loan record in the loan record that matches the name of the loan approval query institution. The loan time is relatively close to the query time.

For example, if the loan approval time is December 20, 2022, the name of the query institution is China Merchants Bank. Then you need to check in the loan records to see if there are any new loans from China Merchants Bank from the lending institution after December 20, 2022. If it says that the loan was successful, it does not mean that the application was applied but not approved.

2. Does loan approval record affect credit report?

The reasons for affecting credit reporting are as follows:

1. Loan approval records, credit card approvals, and guarantee qualification reviews are collectively referred to as hard inquiry records, which all indicate that credit business has occurred. The final result may not necessarily be a successful solution, but judging from the motivation for initiating the behavior, it is likely to be due to lack of money and poor economic conditions.

2. In particular, hard inquiry records occur more frequently and more frequently, such as more than 3 times a month, which will make the borrower’s credit report worse. At the same time, it also shows that the current If the borrower has relatively large economic problems, the corresponding lending risk will rise sharply, and the credit institution may reject it during the subsequent approval process.

Summary: Although the loan approval record is slightly less serious than the overdue record, because it will ruin the borrower’s credit report, it means that the financial situation is poor and the repayment ability is not good. It is not conducive to subsequent loan and credit card approval, so borrowers should still treat it with caution.

3. How to delete loan approval records?

As long as the borrower has indeed applied for a loan himself and the lending institution inquired about the credit report for the reason of loan approval, the remaining loan approval records cannot be manually deleted, even by the reporting lending institution. There is no such right.

If the borrower wants to eliminate the loan approval record, he can only wait patiently for 2 years. Because the loan approval record will only be retained on the credit report for 2 years before being eliminated, the borrower can calculate the elimination time based on the time of the loan approval record.

For example, if the loan approval record is on December 27, 2022, it will not be automatically deleted from the query record on the credit report until December 27, 2024. What should I do if I don’t have a loan credit report but have a loan approval? See the solution here

;? The quality of personal credit report will affect our daily life and work. It is best for everyone to check their credit report every year to understand their credit situation. People often check their credit report and find that they do not have a loan, but there is a query record of loan approval. In this case, you have to find out the reason. Let’s take a look.

What should I do if I don’t have a loan credit report but have a loan approval? The loan approval records on the credit report are hard query records. Usually, banks or financial institutions that are connected to the central bank's credit report are qualified to check the lender's credit report after obtaining authorization from the lender during loan approval. If a lender has not applied for a loan but has a loan approval record, there may be three reasons. 1. Although you don’t have a loan, if you click on the credit limit check or test limit on the loan platform, you authorize the lending institution to check the credit report, but you just don’t know it. If this is the reason, as long as it is not in the short term I frequently checked the credit limits of multiple lending institutions, and there was basically no problem. 2. The lending institution did not obtain the consent of the credit bureau and checked the credit report without authorization. This approach is equivalent to invading people's privacy and will also leave loan approval inquiry records. You can find the loan in the credit inquiry records. Search for the name of the institution, contact information, request it to apply to the central bank for credit reporting, and cancel this inquiry record.

3. If you have received a loan from a fake person, quickly check the date of the query record and check the loan information in the credit report to see if there are any new loans during the loan record period. If there is a loan, don’t worry, just take out the loan information. If it is not evidence of my loan, I will submit an objection application to the central bank's credit report and ask the lending institution to cancel the loan record. In short, if there is no loan credit report but there is a loan approval record, you must compare the above three situations to find out the reasons, so that it will be easier to solve. I have never taken out a loan, but there is a loan approval record on my credit report. What should I do?

If you do not have a loan but there is a loan approval record on your credit report, you can first go to the relevant banking institution to inquire. If there is indeed an approval record for no reason other than your own, you can request the relevant banking institution to change the record. .

Article 25 of the Credit Information Management Regulations stipulates:

If the information subject believes that there are errors or omissions in the information collected, stored and provided by the credit information agency, he or she has the right to report it to the credit information agency. Or the information provider raises objections and requests correction.

Extended information

The prosecutor reminded that personal credit records are vividly called the "personal economic ID card" of the credit society. When applying for a job, you may be asked whether your personal credit record is clear and reliable. Once there is a problem with your personal credit record, it will have a variety of negative impacts on your daily life.

Therefore, protect personal privacy information, keep ID cards and other items related to personal credit, and develop the habit of reasonable consumption and on-time repayment, so as to have a good personal credit record, which is beneficial to every life. Credit for people in society is particularly important. What should I do if there is a loan approval record on my credit report?

You can first ask your bank to find out the content of the record. If it is your own loan business and you are able to repay it, there will be no adverse effects on subsequent loans. If the approval record is not caused by yourself, you can apply to the bank to change the approval record. When handling loan business, be sure to repay the loan in full and on time to avoid overdue credit reporting.