Debt rescheduling with Credit bureau Entry usually only works at the bank where a loan already exists. The financial situation of a borrower often deteriorates because, for example, he becomes unemployed. At this point, rescheduling makes sense because the term can be extended and the rates become lower. A lender will approve the debt rescheduling because no lender wants payment defaults.
A debt restructuring with Credit bureau entry also works for a third-party bank
Many prospective creditors also have multiple loan obligations and want to get a new loan from a third-party bank. Debt restructuring with a Credit bureau entry will not be possible with a third-party bank, because Credit bureau must be positive here. Debt restructuring with a Credit bureau entry from another bank, such as the one already in place, will not be easy. However, if a bank already has debts, it is interested in a debtor being able to repay the debts.
The bank and the borrower then try to agree on a solution. It will also not be easy for a borrower if he only wants to receive the debt rescheduling with Credit bureau Entry to save costs. If there is a Credit bureau entry, then there will otherwise be rejections for credit inquiries. For smaller obligations there is a loan without Credit bureau from foreign banks. However, this loan is not suitable for major debt restructuring, because the maximum loan amount is USD 3,500.
Does a debt rescheduling make sense for a prospective customer?
If you have an entry in the Credit bureau and still want to reschedule loan obligations, you should pay attention to the loan obligations. Banks often only allow debt rescheduling if the increased risk pays higher interest rates. Those who are otherwise unable to cope with the financial problems should contact debt counseling.
Important information on debt restructuring with Credit bureau entry
With a positive Credit bureau, a new loan can often be taken out, which will replace the old debts and reduce the monthly charge. After paying only one installment per month instead of several, the whole thing becomes clearer. The debt restructuring with Credit bureau entry, however, is often rejected by the lenders.
The debt rescheduling with Credit bureau entry does not work in most cases, unless a guarantee is recognized or there are high other guarantees. Otherwise no credit will be approved by the banks. The prospective customer must then contact a credit intermediary who works with a bank abroad. A loan without Credit bureau then works through this bank, where no Credit bureau information is obtained when the loan request is made.