Credit Repair, access to credit also open to the excluded

A quirk of the current credit reporting system is to assess today’s customer on information that is years old.

— Aleo Christopher

LUGANO, SWITZERLAND, August 12, 2022 / — In an advanced society, access to credit is just as much a necessity as access to electricity, gas or water. Businesses and individuals need access to credit to manage temporary emergencies, make investments, and seize opportunities for growth and development. It is not easy to imagine modern life without the possibility of access to credit. Without credit, several operations considered normal would be excluded for a segment of the population. Just think of buying a house, a car, college tuition, health and dental expenses, home renovations, and you could go on and on. Access to credit has changed daily life to the point that one can say, without fear of being contradicted, that it is one of the main differences between the agrarian society and the advanced society in which we live. In other words, it is a fundamental right.

A right directly linked to equality and equal opportunities between people and the right to undertake, concepts of constitutional rank. But this right is denied, in Italy, to many people – we do not know how many since no one has ever seriously studied the phenomenon – who are literally excluded from life from any access to credit and from any financial institution. They can be called ‘sub-credits’.

These are people who have encountered, in the past, difficulties in paying installments or honoring their contractual commitments. Almost always they ended up paying their debts with executions and seizures. However, their names continue to appear in the various databases, often managed by individuals, which issue in Italy the label of “bad payer”, a label which, in today’s society, is equivalent to a real deprivation of personal dignity.
These people”, says Aleo Christopher, CEO of the iSwiss Group, “are deprived of the possibility of having a second chance in their lives. This is the most disturbing aspect. Access to credit, in fact, makes it possible to make investments and therefore earn more in the future. Thus, improving his training and education and seeking better paid work, increasing the comfort of his life and home to perhaps adapt it to old age. To change, in other words, the gears of his life”, concludes Aleo.

“A quirk of the current credit reporting system,” says Aleo, “is to assess today’s customer on information that is years old. If you had problems repaying a loan five years ago , I’m not interested in you – today – as a customer It sounds absurd, but that’s how 95% of credit reporting in Italy works,” says Aleo.

This is why iSwiss, via its iSwiss Credit branch, has launched Credit Repair, ie a line of credit reserved for users defined as ‘bad payers’. When evaluating the disbursement of this type of loan”, explains Aleo, “possible reports in databases such as Crif or Banca d’Italia will not be taken into account, but the client will be evaluated in the context of today, its current opportunities and possibilities.”

Credit Repair will be a product provided by iSwiss Credit, a financial company authorized by the EU to provide consumer credit.

Aleo Christophe
iSwiss Group SA
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