How could taking out a Greater Bank Personal Loan affect my credit score (or credit rating)?
Your credit score, which is sometimes called your credit rating, is based on the personal and financial information on your credit report.
Under the Comprehensive Credit Reporting system, Greater Bank shares information with credit reporting bodies about the lending products you have with Greater Bank, including personal loans, credit cards, home loans and overdrafts.
Your credit report shows details of your repayment history (including when you make repayments on time and when you miss any repayments).
It also shows your loan and credit accounts, as well as details on every application for credit (and the amount) you’ve made.
Too many applications can have a negative impact on your report, so try and keep them to a minimum.
Making your personal loan repayments on time will demonstrate good credit-based behaviour and this will be reflected on your credit report and credit score.