To ensure the opportunity for citizens to check their financial state, the credit bureau will today and tomorrow open the possibility for citizens to check their own financial history and credit rating.
On April 2-3, private individuals will be able to check their credit history in the Creditinfo credit bureau. Individuals interested in reviewing their borrowing history and current credit rating need to log in to their profile on the Mano Creditinfo website.
“The current situation is forcing a rethink of living models. This applies not only to businesses but also to every single individual. During these days, it is most important to evaluate one’s financial situation, plan income and expense flows, remember the savings 101. In order to facilitate these steps, we invite to check the state of your creditability already now and make responsible personal finance decisions,” Creditinfo Lietuva CEO Linas Čereška notes.
According to data from April 2, 18.6% of the country’s residents, who are currently active on the credit market, have the highest credit rating of A. The largest group of people is found in the B credit rating territory – 45.1%. On the five-level credit rating scale, A means the highest reliability, while E – the lowest.
Creditinfo notes that so far, it is premature to evaluate the consequences of current economic restraints on people’s financial commitments because the real impact of the quarantine on citizens will only begin to appear in 1-2 months.
According to Creditinfo Lietuva specialists, if during this period a need to borrow arises, it is essential to make this step responsibly: measure your financial capabilities, monitor credit history, use several credit calculators to see an objective picture.
“A credit rating isn’t just an indicator. It is a summarised view of the individual’s financial capacities, how the individual is viewed by lenders, for example, banks, leasing or telecommunications companies. Firstly, we must remain honest with ourselves, evaluate our financial discipline and only then proceed to other personal financial planning actions,” L. Čereška emphasises.
Creditinfo Lietuva reminds that good credit history can help save funds when borrowing for studies, housing or a car. At the same time, those with poor financial skills and missed payments could overall lose the capacity to borrow under challenging conditions.
