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What is Credit Advisory Service?
Credit advisory service is a personalized credit assistance wherein a credit expert will analyse your credit report and will suggest solutions to further improve your score. The service is essential for those who are facing problems in availing credit facilities like loans and credit cards due to low or NO credit score.
Why You Need Credit Advisory?
Credit advisory services can help in understanding your credit report in detail. This service is also beneficial for those who have no credit history as it helps them in building their credit score from the scratch. Through credit advisory, customer will understand the factors affecting their credit score and will also get guidance in improving their score significantly over the course of time.
Credit advisory experts will identify the reasons behind your low credit score and will then prepare a plan of action to improve it. They will advise consumers to focus on best credit score improving practices like maintaining healthy credit behaviour, good credit utilization ratio, timely bill payments, etc. to impact their credit score positively.
In addition to this, a credit advisor can also assist in finding errors in your report and rectifying them to help you have a strong credit score.
Keeping an eye on your credit health is important and credit advisory service is an easy way to maintain healthy financial habits.
How Paisabazaar Can Help?
Paisabazaar has launched credit advisory services for customers taking their free credit report from our platform. The service is aimed to provide assistance to customers who are either new to credit or have low credit score. The interactive and personalized call-based service will help customers in building their credit score and avail credit facilities like loans and credit cards with low interest rates and offers.
Our credit advisory service is a part of our credit awareness initiative wherein we provide free credit report to the customers along with free monthly updates for the lifetime. Through credit advisory services, our credit experts will help customers with low credit score to not only understand their credit report but will also suggest steps required to improve their score.
Also Know: What are the 10 Ways to improve and increase your Credit Score?
Who All Will Benefit?
Our credit advisory service can benefit anyone who is new to credit or has low credit score. This service is designed specifically for people who wish to build their credit score or facing problems in availing any kind of credit facilities like loans or credit cards because of their low credit score.
How does Paisabazaar’s Credit Advisory Service work?
- Log-In to your Paisabazaar account to view your credit score
- Click on view report details for a detailed interpretation of your report
- Click on Improve Your Credit Score button to go on credit advisory page
- Book an appointment with our expert advisor for just Rs.399
- Our expert will call you at agreed time to explain your report
- You can ask any & all questions you might have regarding your credit profile
- Our Advisor will explain best available products to help increase your score
- With his suggestions you will be on your way towards a high credit score
You can also book an Add-on call for Rs.199 to get update on your credit resolution within 90 days
Benefits of Paisabazaar’s Credit Advisory Service
One Time Call
- Understand your credit report along with reasons for your low score
- Get expert tips on improving/building your score
- Correction support for any mistakes in your credit report
- Customised products to increase & maintain your score
Add-on Call
- Receive a call back from expert advisor in 90 days
- Updates on your report and account resolution
- Updated and customized loan & credit card offers
FAQs
Q. What is a Credit score or credit rating?
Ans. A credit score or rating is a 3-digit number between 300 to 900 that represents an individual’s creditworthiness. The lenders evaluate this number when you apply for any kind of credit product like a loan or a credit card to check your trustworthiness and ability to repay the loan on time without any default.
Also Know: What is credit rating and How do Credit Ratings Work in India?
Q. Who issues credit report/score?
Ans. Credit report/score is prepared by Credit Bureaus that collect, maintain and organize the credit information of every individual. These bureaus collect your financial information from the lenders to prepare your credit report and provide the same with lenders when you apply for any credit product.
There are four credit bureaus in India, namely, TransUnion CIBIL, Experian, Equifax and CRIF High Mark. All these bureaus follow a unique scoring algorithm to calculate your credit score and your prospective lender may reach any of them to obtain you credit rating.
Also Know: How does CIBIL score calculate? How do they get someone’s transaction details?
Q. Why is Credit Score important?
Ans. Your credit score is one of the most important factors considered while processing your loan or credit card application. A low credit score means poor credit history, which makes a strong case for rejection of your application for the lender. Those with low credit score are either turned down by lenders or charged a high rate of interest for any credit product.
Q. What does it mean if my credit score shows ‘NA’?
Ans. If your credit report displays an ‘NA’ remark, that means you have never availed any kind of loan or used a credit card. And since you have never taken credit, you do not have a credit report. To generate a credit report, you will need to avail a credit product, like a credit card or a loan.
Q. How long will it take for me to generate a credit score?
Ans. Once you start using a credit builder product, it would usually take 60 to 180 days for your first credit report to be generated. Do remember, generating a credit report is just the first step, what is more important is to take necessary action needs to build your score over time.
Q. How long will it take to build a high credit score?
Ans. The first step to build a high credit score is to understand what leads to a low score, and then take necessary action. Once you make good credit behaviour a habit, your score will gradually improve. The time taken for your score to improve will depend on your credit profile, lender and will also vary bureau to bureau. Overall, it should take around 90 days for significant improvements to your credit score.
Q. How does Credit Advisory work?
Ans. Paisabazaar’s Credit Advisory service assists customers in building a high credit score. Once a consumer decides to avail this service, our team of trained credit experts analyse the consumer’s credit report. After a thorough review, an expert calls the consumer at a convenient time and explains each factor in his credit report, exact reasons for his/her credit score and the necessary steps and products needed to build this score.
Q. Who all can avail this service?
Ans. Any customer with LOW or NO credit score can avail credit advisory services from Paisabazaar.
Q. What if I miss the call from the advisor?
Ans. Do not worry, in case you are unable to talk to our advisor, you shall again receive a call from the same advisor in a short span of time.
Q. How can I avail Credit Advisory service from Paisabazaar.com?
Ans. To avail Paisabazaar’s Credit Advisory service, you just need to login to your account and click on ‘Schedule a Call”. Once you have logged in your account, you will be redirected to the page where you can see your credit score. You will shortly receive a call from one of our expert advisors, as per your convenience or agreed time.
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