Credit Check. Add this to your to-do List

11-Jul-2018 written by : FSI-Team

Add this to your to-do List

It's important for everyone to know what is their credit worthiness. What is credit worthiness? How much responsible one person is for the credits he has taken. Credits are not just the loans one has taken but also the the use of credit cards one does. Credit worthiness is checked with all what one takes from banks which they do not currently owe. And need to pay later to the banks or the NBFCs.

In today's world when major things work on credits, which is no bad thing. It's just that you are availing something you had planned for yourself years later but availing now with giving some interest rate when its the case with home or a car. You get some instant access for cash when you go for gold loan or loan against property. And allowance to access some cash for a month when you don’t have currently or don't want to use currently even if you have in terms when you use credit card. Whenever you use credits, when you use have the access of funds which are practically not yours but of financial entities, make sure you pay them responsibly and do not fall in loan defaulters list. Now, how do one fall in loan defaulters list? Supposing, you have taken any kind of loan or you have accessed you credit card, everything works with the repayment module. Suppose you miss a payment, a reminder is given to you. But when you miss multiple payment cycles or take up your hands in repayment, then you fall in that category. Once u get in loan defaulters list, it will be very difficult for you to get any loans easily. You should always try and stay out of that list.

Sometimes you must not be wrong or the one who has not made any missed payments still your name will be in that list. Then, it can be a case of identity theft, where some one must have used your identity, has taken the credit by you name and didn't repay it. To be aware of all these kind of situations, it's advised to check the credit report twice a year. This will enable you to make sure that everything is going right.

RBI has mandate all the credit bureaus to offer one free credit report to the individual each year. So may it be TransUnion CIBIL, Equifax, Experian or CRIF HighMark, everyone will give 1 free report every year. With the to-do checklist of things you have in your notes including paying EMIs on time, paying Tax, paying insurance premium or saving money. Please add checking credit score as one point.

Periodically checking credit score will also make you aware of your schedules. It will also ensure that you do not fall into a pit of low score. With that, if required, you will come to know that you by yourself cannot handle the credit report for now and you need a credit advisory. At those times when you do your best but still your scores are not going up, credit advisory organizations like Credit Sudhaar would help you in looking at your credit report very minutely and counsel you about what has to be done in order to get score back on track. Do not hesitate in taking a help. A small help today would help you for a better tomorrow. If your score is intact,

you will face no rejection while applying for any kind of loan or an increase in your credit card limit. Even if your application is approved, you will not have to pay excess interest rate. And to ensure that you do not fall in such category, it is required that you check your score periodically and see detailed report.

Be a responsible payer and work diligently!



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