What is a Credit Rating
Just as the references giving clues about our working identity in our business life play a role in our resume file; Our ‘customer’ profile and transaction history in collaborations with banks are also considered an important indicator on behalf of our credit rating.
Founded in 1995 in partnership with the leading ninth bank Credit Bureau of Turkey in 2004, starting with banks to provide services to individual Credit Rating banking system adds the ability to provide more comprehensive information about their clients’ portfolios.
In this way, banks can now have a summary of a risk report prepared for our credit payment habits and data on whether we can meet the conditions we have committed to banking products with this report.
Come to other titles that are curious about the credit rating, let’s look together:
What is a credit rating?
Credit, credit card and overdraft account belong to our debts; The note calculated according to our payment habits, debt status and credit usage information is called Astro Credit Rating.
Our individual rating included in the Astro Credit Rating indexes ranging from 1-1900; As we progress from 1 to 1900, the level of risk we represent decreases.
How is the credit rating calculated?
Among the components that determine our Credit Rating are the following topics:
- Credit product payment habits:
Under this title, which constitutes 35% of our credit rating, the stability of our timely product payments is taken into account. Every payment we make after the due date negatively affects our credit rating.
- Current account and debt situation:
Information on the payment history of our closed loans, guaranteed or unsecured current debt balances and our limits represent again 35% of our credit rating.
- New credit product openings:
Payment performance has not been reported yet, but; the newly acquired loans are considered as a determinant factor of 11% in our credit rating.
- Credit usage intensity:
Especially, our credit usage intensity, which has a regular payment history, contributes 10% positively to our credit rating.
- Other elements:
Other review criteria of the banks make up 9% of our credit rating.
How is the credit rating learned?
As we can find out our credit rating on Astro, the bank we work with; We can learn by paying a certain fee over Internet Banking. To have up-to-date information about our credit rating, which is one of the most important indicators of our financial credibility; It provides an advantage when we use credit or when we need to enter a term loan.
Especially knowing that our credit rating is low, taking action to raise our rating and trying to maintain this level if high, prevents the difficulties that we may experience in our future credit product demands.
How is the credit rating upgraded?
To raise or maintain our credit rating, first of all; we need to pay our credit products regularly and improve our current debt situation. Is there institution where the credit rating is analyzed outside the banks?
Apart from banks, some real estate or car rental companies and mobile phones, white goods, furniture stores can also request credit ratings. In addition, high credit ratings directly; It can provide advantages such as maturity, price, and privileged service.
Do you have a credit rating for each bank customer?
With some exceptions where the credit rating cannot be calculated, each bank customer has a credit rating. But;
- Throughout his life; does not have a credit, credit card, overdraft account and a credit or credit card used in the last 1 year,
- younger than 18,
- Having at least one loan account “loss” and / or “transfer to asset management company” in the past 12 months,
- Having 90 days past due and unpaid credit debt,
- He has been in administrative or legal pursuit in the past 1 year,
- The credit rating of individuals whose death records have been created cannot be calculated.
What does the Risk Report mean?
The detailed report, which includes the factors that make up our credit rating, is called the Risk Report. Risk Report, in all the banks we work with; It allows us to learn the debt and limit information of our total credit, credit card, overdraft accounts, as well as track our payments from one place.
Which institutions’ data is the Risk Report?
The data related to our risk report can be found in our country; it consists of data from all banks, financing, factoring and leasing companies.
At what intervals is the data in the Risk Report updated?
Most of the information affecting our credit rating is updated daily, however; some information can be updated monthly. It is known that the time it takes for the information shared by financial institutions to affect the report is approximately 2 days. Paying a debt with a delayed payment does not affect our credit rating within the same day.
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