Financial emergencies can occur anytime, and they can damage your regular finances. It can make repaying dues a tough ask and may lead to late payments, and sometimes, to default. Eventually, your lender may ask you to settle the loan account at a lower amount. Should you settle the account or not? How does a…
A strong credit score can help get loans and credit cards approved easily and may also reduce your overall cost of credit when credit is required in future. Thus it becomes imperative to build and maintain a high credit score. It is a myth that you cannot have a credit score without a loan. You…
More than 25% consumers in India have their credit scores below 700 making it difficult for them to avail various credit products. It may not be easy for everyone to understand the credit report and figure out issues that may have impacted their credit score over time. To help them understand their credit report better,…
Maintaining a healthy credit score is a crucial financial habit, but is often ignored. This lack of awareness, coupled with poor credit behaviour, leads to a poor credit score, which can have serious repercussions on your financial future. As lenders consider credit score as one of the key deciding factors while processing your application for…
An individual’s credit score depicts how one has handled credit in the past. Based on an individual’s past credit behaviour, which includes factors such as timely repayment of EMIs and credit card bills, as well as the number of credit enquiries made, a credit score is assigned. Lenders check your credit score before providing you…
When you apply for a loan or credit card, the lender requests your credit report from a credit bureau. Apart from your credit score, the lender analyses your detailed credit report to assess the risk of approving your credit application. This is done especially in the case of unsecured credit, such as personal loans or…
All information regarding your credit history is mentioned in your credit report. Lenders assess your credit report at the time of credit approval. A credit report portraying the disciplined credit behaviour of a borrower will contain a high credit score. This not only increases the trust of the lender but also makes it more convenient…
An error in your credit report can seriously damage your credit score. It can eventually impact your creditworthiness and affect your loan and credit card approval in future. A timely intervention can help rectify these errors and maintain a high credit score. Let us understand errors that can be present in a credit report, how…
