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Credit Advice
We give you advice on improving your credit score, enhancing debt burden carrying capacity, smart repayments, and about best buying deals for debt settlement.
We give you advice on improving your credit score, enhancing debt burden carrying capacity, smart repayments, and about best buying deals for debt settlement.
A person is made out of his habits and we all have our own preferences and conducts that impact our lives. Now these habits can affect our lives in a positive or in a negative way. Till the time these habits contribute positively it is fine but if the same have negative influence it is a cause of concern and needs to be changed. Especially when these habits are impacting our financial lives.
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It has been about 17 years since the first Credit Information Bureau of India, popularly known as CIBIL was established. However, even after 17 years of existence, Indian populace merely has topical understanding on how it works and what should one be doing to manage a good score on their credit report. When people are not even aware that CIBIL is not the only bureau, there are three more that extend credit scores, namely, Equifax, Experian and Crif Highmark. Expectation on understanding of objectives of the bureau, how they function and factors that impact one's credit score seems to be farfetched.
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Indians are increasingly getting exposed to credit and are also getting to know about the importance credit holds in the process of meeting their financial objectives. Also, as per the second survey carried out by Credit Sudhaar on awareness of credit score, the number of people being aware on the credit bureaus, credit score and credit report has increased multifold over last two years. The general perception is that the CIBIL rating, as people call it, if is over 750; leads to assured approval of loan application. But this may not be true and people with over 750 credit score may also get rejected. Let us find out the reasons.
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If you happen to take a quick headcount of people around you, you would find 9 out of 10 people using credit in some form or the other. Credit usage is omnipresent today and thus to have a good credit score is of primary importance. A good credit score is indicative of good financial health and opens up doors for you when you are in need of credit.
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Credit Bureaus such as CIBIL, Equifax, and Experian keep up to date information about your financial activities such as pending loans, credit card payments, etc. So, if you have ever taken a loan in the past or used a credit card, then it is likely there is a credit report under your name in at least one of the most popular credit bureaus of India, even if you are not aware of it.
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Some people were asked the last time they checked their credit report. Less than 10% admitted to have checked it once in the last six months. Most of them confirmed they had not checked their report ever because "they didn't feel there was a need for it".
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Monitoring your credit score is extremely important to ensure that your creditworthiness stays intact. And to make that possible your credit report or CIBIL report can be of great help.
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Missing a payment can happen to anyone, unless you are a software programmed to repay every instalment. Don't let that give you sleepless nights; it is merely a human oversight. Lenders and underwriters, too, are human beings and they understand if you have been late once or twice. But if you have been late more than a few times, then be prepared to face consequences.
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Credit score - It can be an asset for some while a source of tension for others. It all depends on where your number lies between the range of 300 to 900. A credit score is derived from the information in your credit report which shows the various loans that you hold with different banks, your repayment behaviour, outstanding dues and other credit related activities. Good credit habits and timely repayments of debts lead to a good score. Before the banks consider lending money to the borrowers, they evaluate them on the credit score parameter to judge their defaulting risk. While a high score strengthens one's ability to obtain funds, a low score is a sign of trouble.
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You are identified by your name in every official record. Thus, when you change the original spelling of your name, you need to go through the exercise of updating your name in every place it matters to avoid trouble and confusion at a later date with your lender. If you have recently changed the spelling of your name and are wondering what impact it will have on your credit history, here we are with some relevant answers today.
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If one wants to have access to credit modern times they need to be creditworthy; lenders like to assess the creditworthiness of an applicant before they agree to lend to him or her. Whenever one applies for a loan the first thing the prospective lender does is check their Credit Report. Based on this and many other factors the loan would be sanctioned or rejected. Often self employed find it hard to build their credit worthiness as compared to those employed in regular jobs.
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"Mistakes are a part of life. But it is the response to the error that counts." says Nikki Giovanni a famous American writer and activist. Quotes such as the above are meant to inspire the human race and encourage them to learn from mistakes and errors in life and treat them as stepping stones to success. But what if an error is not your fault? What do you do in such cases? The reason we bring this up today, is to tell you that if errors and discrepancies creep into your CIBIL report, it can have devastating consequences despite the fact that you had little to do with it.
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"Give me one reason on why I should not check my credit report", retorted Ashi. No matter what she said Sid was not willing to hear her. "Bah! What a waste of time and money it is. You give me one reason on why you should check your report?" countered Sid. "One? I will give you five”, replied Ashi calmly. Here is what she said:
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If you are stuck in a vicious circle of debt and are struggling hard to exit then possibly an option to "settle" dues with the lender would sound enticing. Don’t ever make the mistake of "settling" loans as its harsh effects will reverberate far into the future.
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When you are new to the world of credit, you need trade lines (loans in general term) to demonstrate that you are a responsible buyer and build your credit score. But access to loans and other credit instruments might be an uphill task. So where and how do you begin your journey? Thankfully there is a way out. Here are some tips that will help you build your CIBIL score from scratch.
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When you are new to the world of credit, you need trade lines (loans in general term) to demonstrate that you are a responsible buyer and build your credit score. But access to loans and other credit instruments might be an uphill task. So where and how do you begin your journey? Thankfully there is a way out. Here are some tips that will help you build your CIBIL score from scratch.
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Recently we met Rajesh Kumar. His was a clear cut case of misreporting in CIBIL. This is what he had to say, "My personal loan application was denied as my CIBIL report showed that I had settled a Standard Chartered Bank loan in 2005. Till date I have never had any relationship with Standard Chartered Bank. It is completely false and baseless. What can I do to correct it?"
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Dhaval was a complete teetotaller but the only thing he couldn't resist was trading in the share market. Sadly, he suffered great losses in trading during the crash of 2008 and 2009. Though he never meant to but due to shortage of cash he had to default on payments. At first he stopped paying his personal loan because there was nothing to lose. Then he stopped paying his car loan and finally his credit card bills.
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Dilip Doshi still shudders remembering the day when he agreed to sign as guarantor to an ex-colleagues personal loan application. Little did he know that in doing so he was risking his own credit health. When his colleague started missing payments, the bank approached Dilip to repay the debts as he had guaranteed the loan, something Dilip was not prepared for. Even after selling the principal borrower's assets to recover the loan, Dilip had to shell out over a lakh of rupees to settle the loan completely. An experience such as this can leave any one with a bitter taste in the mouth.
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In recent times, there has been a surfeit of information about credit usage and the need for a high CIBIL score. Whether it is financial institutions, the banking and finance industry at large and even regulatory bodies, we find most messages emanating from these sources underlining the need to maintain a high credit score.
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RBI, in its game-changing decision, has mandated Credit Information Bureau (India) Limited (CIBIL) to provide individuals with one free credit report every year. Till now individuals could buy their CIBIL score and CIBIL report from CIBIL upon a payment of Rs. 550/- per copy. Ex-RBI governor, Raghuram Rajan, stood by the decision because he believed it will help people review, rectify and maintain error free reports.
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Not for nothing is it believed that a credit score can make or break your financial health in today's times. Let us take a simple example wherein two people with a similar requirement for a home loan make an application, but only one of them is sanctioned the loan they had asked for, while the other individual's loan application is downright rejected.
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Neelam had set her hopes high on her job application with a software giant. She had cleared all the rounds of screening and was expecting a call any day now. She was so sure of being selected that she had spent a large sum on her credit card knowing she would be able to take it on in the following month.Alas, she received an email from the company telling her she hadn't been selected. It brought her whole world crashing down around her. She had considered herself as the ideal candidate, with the right amount experience and the perfect academic background. Then what went wrong? The most shocking revelation - her poor CIBIL score was the reason for rejection.
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In the absence of knowledge you are practically living in the dark. You are not sure of what to do, which path to take and where to go. But with knowledge comes the guiding light that brings clarity and enables you to take decisions that are right for you. In short, you cannot be misguided because you have the knowledge on how to handle things.
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Credit reporting has been shrouded in a lot of mystery and it has given birth to many myths. Credit score is riddled with misconceptions and we hope to bust a few of them here. Since there is lack of knowledge about it people stay away from transacting using credit facilities. To bring transparency in the credit market and encourage use of digital money such as credit cards, it is important to bust these myths. So here we weed out those stories that have no place in the credit world.
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If you own a credit card or if you ever took a loan, you must be aware that a credit score is an important instrument used by the lenders to evaluate your creditworthiness. Your past financial history is a strong reflection of how you are likely to meet your future debt obligations. If you have a sound track record of on time payments of EMIs you will have a healthy score and you can easily secure loans in future too.
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A CIBIL score in today's times is virtually your ticket to good financial and credit health, hence it becomes very important to ensure that you always have a good score, one that will see you through when you want to avail of a fresh line of credit.
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In today's times everyone faces the risk of a break-in. It is nearly impossible to shield one's private information from identity bandits. Cases of identity theft are rising unrestrained and are affecting more and more number of people every year. Does that mean we must just accept their presence and reel under a cover of fear waiting for an incident to happen to us? No. Identity theft is a serious offence and there are some simple ways by which you can protect yourself.
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In the year 2005, the Credit Information Companies (CIC) Act was formulated to provide the basic structure for the functioning of credit information companies and to streamline records of credit distribution that had thus far been the domain of banks alone. The primary objective of this Act was to help financial institutions make a correct assessment of the creditworthiness of prospective borrowers. The Act came at a time when lending institutions were looking alternative credit assessment methods and was thus considered a timely move.
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The CIBIL score is that all-important deciding factor when it comes to your financial health, and making sure it is 'good' - and remains so - is something you always want to ensure. It can be the differentiator between a low rate of interest and the most competitive one, when you decide to avail of finance by way of a loan or credit card. Do keep in mind that to increase CIBIL score you need to be diligent when it comes to your finances.
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Just like having a healthy body, mind and soul are germane to one's growth and happiness, having a healthy credit profile is analogous to one's financial freedom, sense of security and growth. In the absence of stress, a person is calm and happy. Money cannot buy happiness. But what money can buy makes us happy. With more money comes more power. And everyone wants more power. Either you earn more money or save more, either ways your disposable income increases. A higher credit score lets you save more money and therefore brings greater happiness. Let us elaborate.
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Credit Score is important for individuals today for reasons that go beyond taking a loan. Credit Rating is an indicator of individual's creditworthiness, it gives a comprehensive picture of one's financial health and in a lot of instances can form the basis for an applicant getting a job or not.
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It is never too early to learn the financial skills that will have a profound influence on your whole life. We bring to your table 5 money management tips to demonstrate how to handle money responsibly and achieve long term financial success.
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Some of us have been in a situation where we have applied for a credit card as a fresh jobber, but found out much to our surprise that the application has been rejected. Sounds familiar? If the reason for decline is the lack of credit history, do not be too surprised. And instead of hitting the panic button let us see what you can do to remedy the situation.
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Getting a line of credit, be it a loan or credit card may be a tad easier than it ever used to be, owing to a larger number of willing lenders as compared to earlier, but it also comes with a caveat. While banks and financial institutions do look forward to lending, they also look at lending to the right customer profile. One of the first things that a lender would want to ascertain is the creditworthiness of a borrower, that is the likelihood of the loan going 'bad' or the customer defaulting on loan repayment on disbursal.
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It is important for a woman at every life stage to give a thought to her financial health. Whether investing in one's business or looking to bolster personal finances, it is imperative to explore various investment options, make a savings plan and more importantly, stick to it. More than a third of women while contributing extensively to the family coffers invariably lag behind in critical aspects such as wealth creation, and having a long-term investment plan.
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Remember the revered year 2002? It was then that incoming calls to mobile phones were made free revolutionising the Indian telecom industry. Making incoming calls free was like a drop in the water as its ripple effects brought a boom in the segment. Soon, every person, no matter what economic strata, was carrying a cell phone. The time has come to make scores available for free and revolutionize the credit world.
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Life doesn't remain the same after marriage. It brings about significant changes in the lives of both the partners. The decision to take vows not only brings lifestyle changes but it affects one's financial life as well. You start thinking about savings, investments, and insurances more seriously than ever. You think about taking joint financial decisions. But does marriage affect your credit history records as well? Does it affect your CIBIL rating? What are the implications if one partner has a good CIBIL rating and the other does not? Let's explore.
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The world around us is accelerating at an overwhelming velocity and sometimes it becomes difficult to keep up with it. We constantly endeavour to bring the latest updates for our readers. Though some people would argue that CIBIL score itself is an alien concept, surely it would be surprising to all that the market is gradually transitioning towards newer score models. That's true. Lending institutions are considering "non-traditional" scoring models alongwith the conventional credit scores, as they believe it gives them a deeper insight into a person's characteristics as a borrower.
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If you are an individual who is financially conscientious, you probably know or have been told about the importance of building and thereby improving your CIBIL score, so that it remains above the level of 750 and above (out of 900). As an individual who likes to keep financial matters sorted, it is quite possible that you put in your best possible effort to maintain good credit behavior so that you can increase your credit score.
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You've often heard the saying, "There is no such thing as a free lunch". Absurd? Not really. Life has a way to even out the "freebies". You will end up hosting your hosts for lunch one day, or find a way of repaying their kindness. Hence, no free lunch. The proverb is all the more true when you step into the world of hard-core finances. If an offer of a free credit card, without the need for any documentation, seems tempting, re-think your instinct to own one. Or, at least be better informed about this "free" bargain before you decide to line your wallet with a shiny new card.
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Mr. Arun Gupta, like any dotting parent had made several plans for his daughter's marriage. His dreams were shattered the day his loan application was rejected. It broke his heart when on the same day he found that his younger brother and another colleague had got a loan from the same bank. What was it that was hurting his credit aspirations? Something on his report may be.
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The person who seeks to draw credit in future for building up a home or buying a car, CIBIL score is a very prized possession. They ought to take steps that help build credit rating. However at times, unforeseen events such as an EMI cheque bounce or outstanding credit bill, or default by a co-applicant, misreporting in CIR as "settled account" and many such events come as real shockers of life. You have no choice but to access the damage and begin the mending work. Here in this post, we will take up how cheque bounce ruins your CIBIL rating.
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Summer holidays are sheer bliss. Everyone looks forward to taking a break during summer and why not! Since childhood, the summer break means no more sticking nose in books and scratching brains for homework. It practically spells into lazy mornings, catching up on old friends & new, going for movies, learn something new, travelling and holidaying with family. It is also the perfect time to overdo your budget. Yes! We may not realise it in the excitement but often after the holidays are over when we sit down to go over the expenses, the bitter truth sets in.
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When one approaches a bank or any other lender for a loan the first thing that the prospective lender will do is get the Credit Information Report (CIR) of the person. Based on the CIR the bank will decide whether accept the loan application or not. The CIR has the CIBIL score which is a three digit number and it also has detailed information about all loans, personal details of the borrower, employment details etc. Generally a score above 750 is considered good enough to get a loan sanctioned but again it is on the discretion of the lender. CIBIL issues no directives for sanctioning or not sanctioning a loan to a particular person; it only collects the information about all borrowings of a person and presents it in a concise manner in the form of a Credit Report.
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Retirement is one important inevitable stage of life. It is time to give up on your official obligations and hang up those boots. A lot of people like to take up this segment of life with a bang. Some would sell their possessions to take a tour around the world which they couldn't go for in their prime, some would splurge on some very expensive gifts while others have no clue what they will do with all their retirement fund. What they forget is that for as long as you live, you need money to survive. Perhaps, even more because of the increased expenditure on health related issues. While you need to plan for your retirement very early in life, let's say right from your first job, yet it is never too late.
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The first thing we noticed about Mrs. Neetu Verma and her husband, Mr. Ashish Verma, was that they were a merry lot. If that wasn't enough to awe us, their near stellar scores of 875 and 850, respectively, made us applaud. We urged them to share their secret. This article is based on what they brought to the table.
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You have recently found out that the personal loan you were banking on has been declined. Perhaps, your crooked CIBIL report played a role in it. While a rejected loan application is disquieting in itself, the idea of reforming your CIBIL report may bedevil you even more. Loosen yourself up because here’s the good news. This self-help guide will walk you through on how you can have your report fixed and set it straight.
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Late payments or missed payments are the biggest cause of poor credit health; repayment history has a 35% weightage in the credit score calculation. Sometimes the issue can be due to an actual delay by the credit report holder or sometimes due to an error by the reporting bank. Whether the default is due to the borrower having forgotten to pay on time or it is due to a willful default the lending agency will report it to the credit bureau (irrespective of the reason) which will update it as a default in your Credit Information Report (CIR).
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Having a good credit score can be the key to your financial future, as you are more likely to be offered home or auto loans at the most competitive rates. In the long run therefore being credit healthy can have a lasting, positive impact on your investments and savings as well. While loans for bad credit score are not impossible, they are not the ideal scenario that you would want to settle for.
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Credit cards have fast become a preferred choice of payment for users the world over, with over 72 percent of consumers holding credit cards. Closer home, India boasts of over 3 crores of credit cards users, and the numbers only continue to rise. Where consumers initially held only one card, today the average number of cards per person is close to 4. This means that cards have become more competitive as the usage has increased, leading to its own share of pros and cons.
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A personal loan is one of the easier forms of personal finance to avail of, and can be used for myriad reasons, right from renovating your house to going on a long overdue vacation or to even make a purchase, be it white goods or anything else. They are also a good way to consolidate debt, if you want to avail of one loan to clear away several smaller dues that you may have, be it on credit cards or any other loan(s).
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When it comes to credit scores, it has become increasingly important not only to build a good score but also maintain it and enhance it over time. This is because not just globally but closer home, even in India credit scores are fast gaining significance in one's financial life.
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"I am a guarantor to my brother's loan. He has now defaulted on his last three EMIs. Due to this the bank has asked me to pay his dues. I have very humble means of living. How can I pay his debt of lakhs?" "..Can the bank attach my ancestral home to clear dues on a loan to which I am merely a guarantor and not an applicant?" ".. Why is my CIBIL affected? I have not defaulted on my payments. I have not applied for the loan. I only guaranteed a personal loan of my colleague. Where am I at fault?"
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"With great power comes great responsibility" said Ben Parker, a fictional character and the famed Uncle Ben of none other than a favourite superhero Spiderman. Uncle Ben could have well been talking about credit usage, that is relevant to all us today. If you have been bestowed with the "power" of credit, it is your responsibility to service your credit well and on time. That is the one recipe for success when it comes to increase your CIBIL score. Your CIBIL score is a three digit numeric between 300-900 that will decide your fate when you make an application for any fresh credit.
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Like the two sides of a coin, there are pros & cons to everything in life, including Credit. While credit can help you not only in acquiring a product and pay over a period of time, apart from facilitating in achievement of your financial goals, if not managed, credit can lead to severely impacting one's CIBIL score and CIBIL rating. Read on to know more about the darker side of credit:
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With lenders jostling with each other to get more and more customers onto their books, almost every individual around us is a credit user. People all around you may have taken home loans, vehicle loans or are seen brandishing two or credit cards in the very least. But ask these people about how many of them access their CIBIL scores in a year, and most of them are likely to draw a blank! Even if they do know about CIBIL, they are likely to tell you that they are not ready to "pay to access their own CIBIL score"? Is this logic justifiable? Or is this just another sign of irrational consumer behavior? Let's take a closer look.
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With the average wedding costing upwards of Rs. 20 lakhs (or more!) these days - and that's not including the honeymoon! - it is no wonder that personal loans are increasingly popular to fund the wedding of your dreams. While a wedding should be a joyful occasion, it can be stressful for the couple and their families to put the whole thing together, often stretching finances beyond what had been budgeted. To avoid this strain, an increasing number of people are choosing to opt for personal loans, simplifying things and at the same time going all out to celebrate.
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Most of us when reading the above statement will be intrigued (I was as I thought that does not happen but a little research shows it does) while some who may have witnessed a similar situation may nod in agreement. So coming back to the situation at hand, it is possible that due to some error or oversight you may have a loan in your statement that is not yours or you feel is not yours. This not only has the potential to impact your CIBIL Score, but has the potential to adversely impact the underwriting decision when you apply for a credit facility.
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Planning to go on vacation? Buy a new house? Have business expansion plans? If the answer is yes, and you are looking for finance to meet these needs, there are various loan options available in the market today. When you apply for a loan, be prepared for various checks that the financer will conduct, primary among which is a CIBIL score check. Credit information companies or credit bureaus provide a credit report (of which the score is an integral part) that lenders call for when you apply for a fresh line of credit, be it a loan or even a credit card.
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In the world that we live in today, it is very important to have a good credit score, as it is a measure of your financial health. Not just lenders, but even potential employers have now begun to refer to your CIBIL score to assess whether or not you will turn out to be a trustworthy and responsible employee. You should therefore always be in a pursuit to increase your CIBIL score, and keep it at a level of 750 and above (out of 900).
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Credit counselling is an effective way to understand and manage your finances better. Additionally, it also educates individuals on how to control and manage debt.
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Credit Sudhaar is India's premier credit health management company. Founded in 2010, it has grown significantly since then, contributing to making the country credit healthy. The company has its presence across various locations and offers a range of services for individuals. It is registered as an NBFC with the Reserve Bank of India.
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We all have heard the common adage "a stitch in time saves nine" but nevertheless tend to forget it when we overlook small things erroneously or deliberately. Building a credit score takes time, both small oversights and big blunders tend to impact your credit score negatively. Once you credit score has been spoiled for whatever reason it pays to remember that it can be restored but the keywords are "patience" and "time"; after all nine stitches will take time!!!
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How to find out your credit score? This is the most common question for any person intending to take a house loan, car loan or personal loan. It is a priority because the terms of loan approval largely depend on what's in your Credit report and score.
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Planning to buy your "Dream Home" or a "Vehicle" that you have been passionate to own or Get a "Credit Card" to help you purchase on credit or expand your "Business Venture"? Wishing for Your Dreams to Come True? Now that you have decided to Live Your Dreams, have you done a check on your personal / Company's Credit Worthiness?
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It is really very important to keep a track of your credit and then use it responsibly. The best way to keep safe from identity thefts and frauds, is to keep a regular check on the credit report and that of the credit score. This can be done if you activate credit alerts for your benefit.
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As great potentials of Indian money markets are tapped, we have a lot of foreign investments, taking place in Indian economy. Besides with an overall increase in standard of living, the demand for money is increasing as well. At such times, people are resorting to borrow money under the "Credit" term to fulfil their needs. Although presently Indian markets are flooded with number of creditors, it's often been seen that when need arises, people are not able to get through credit process on time.
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Credit Monitoring services alert individuals about changes to their credit report instantly- either via email, the instant message on mobile phones or by phone calls. Many people use credit monitoring services to help them watch their credit histories and to increase their ability to recognize a fraudulent activity.
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