Posted by: islamicfinancingnews | January 10, 2015

Ijara loans and your credit report

There are some aspects of getting ijara loans that match up with the more traditional loans that are available in countries like the United States and Canada. For example, an ijara mortgage lender will require that you have a decent credit report. There are several aspects to these that you’ll need to be familiar with including:

  • The fact that you can get a copy of this report to review it for factual errors. Whether you’re in the United States or Canada, there’s a corresponding agency that can mail you a copy of the report so you can look it over. It’s also important to make sure the levels of past and negotiationscurrent debt are correct.
  • What the report should not include. Like ijara loans, these credit reports are regulated and there’s some information, like a bankruptcy discharged more than 7 years ago provided there’s not a new one on file, that should not be included.
  • Again, like ijara loans, these credit reports need to be transparent. They should be clear about who gets to see the information and how the information can be used.

There’s a lot to learn about your credit report but regardless of whether you’re looking for ijara loans or another type, you’ll need to be familiar with the ways this document is important.


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