Friday, 28 November 2014

What does your CIBIL Report Contain

In India a very few people know about CIBIL. CIBIL maintains all the data regarding any credit taken by any individual in his entire life cycle. It provides a report known as credit report which contains all the detail regarding all the accounts taken by the individual. This report is very important because it shows our past, future and present of credit history.

All banks refer to credit score of every loan applicant as part of due diligence process. It is an important step in loan due diligence process as it gives a fair idea of the credit-worthiness of every individual. In very simple terms - CIBIL Score determines the probability of a default of a customer. A high CIBIL credit score demonstrates financial discipline and a lower likelihood of default.

Credit Information Report (CIR) contains the basic information about your credit history and any other financial related information that is available from CIBIL.

Personal information: Your name and details of ID proofs are shown here. Your PAN, Passport, Drivers License, Voter ID etc. appear in this section.

Contact information: Your recent address, phone number and email address given by you to the banks and lenders will be shown here. The address category tells whether it is permanent or temporary and official or residential.

Employment information: This section shows your occupation and income. The most recent information as provided by the lender for a particular credit account will be shown here.

Account information: This is the most important section of the report, which shows the details of your existing loans and other credit facilities. Along with this, the details such as name of the lender, types of credit facility, account number, account type and type of the ownership will be given here.

Wednesday, 26 November 2014

Know how business credit history can be strengthened

Many people are not aware of how credit scoring system works and also how credit scores can affect you financially. One will come to know how bad is their credit score if his loans and credit card applications gets denied. Coming back to basics, a credit score is a three digit numerical number which helps the lenders to identify who will pay on time and who will not.

Your credit report is a report reflects your entire credit history, how effectively you have made payments, how many times you have defaulted on payments, and many other factors.

This does not end here if you own a business; your name can also be reflected in the credit report of the business. A Business credit report is a tool which is used by the lenders to grant credit to the business.

 Business credit also works same as that of the individual.

Below are points which should be taken care of when it comes to Business credit history:

Payment History: It tracks the records of payment of debts on time. A history of prompt payments of at least the minimum amount due helps your score. Late or missed payments hurt your score.

Length of Credit History: It refers to how long you have had and used credit. The longer your history of responsible credit management, the better your score will be because lenders have a better opportunity to see your repayment pattern.

Type of Credit: Credit cards, retail accounts, instalment loans, finance company accounts and mortgage loans. You do not have to have each type of account. Instead, this factor considers the various types of credit you have and whether you use that credit appropriately

Avoid making multiple credit applications: Opening multiple credit card applications in the hopes of getting discounts or expanding your credit needs can be detrimental to your business credit score. The more applications you make, the more creditors will run credit checks

Transfer your balances: Managing multiple credit cards can be difficult, but to acquire a high business credit score, there are a few things you should consider. Try to pay off balances on your cards, consider transferring balances to the card with lowest interest rates.

Keep your financial statements up to date: Financial statements won’t directly affect your business credit score, but when seeking and evaluating credit options, lenders will check your claimed revenue against actual revenue, and any discrepancy could have an effect on your credit limits.

Tuesday, 25 November 2014

Use your credit card carefully

There are a few factors that have been responsible for punishing the consumers over the edge, for example mortgage crunch, rising energy cost and continuously decreasing saving rate. At the times of inflation, people often use their credit cards to get the benefit of time levy that the consumer gets to pay his usage. But these benefits can turn into a nightmare for the customer.

Actually the truth is if one cannot make cash payment to purchase any stuff, you cannot afford to buy the same. Credit cards can be used as financial assistance to purchase that stuff that one cannot afford to buy.

The usage of credit card should be done carefully. Credit cards provide a benefit of allowing the customer to pay the amount of purchase. But below are some factors you should look out for while using your credit card:

High Interest Rates - Credit card companies charge sky-high interest rates because consumers are willing to pay them. Simply pick up the telephone and ask your creditors to lower your interest rate.

Late Fees - This fee is assessed as a penalty when you don't make your payments on time.When you are shopping for a credit card, be sure to compare late fees. If you can't make the payment, this fee will set you even further behind.

Bounced Check Fees - Banks charge a fee for bounced checks; many credit card companies will also charge a fee if you send them a check that doesn't clear. Avoid this added expense, if possible.

Monday, 24 November 2014

Are you Qualified for a Home Loan?

Know what you can afford
When it comes to Home Loan before thinking of putting up an offer on your property.You shall receive a pre-qualification certificate once the process of pre-qualification is complete, this shall clarify the amount you could lend from the bank. Once you are aware of the amount, you can check the rates and then negotiate the price with possible sellers.

Know your credit scores and credit ratings
This shall give you a fair amount of understanding on what kind of loan you shall qualify for and how you could choose the best bank for yourself for a Home Loan.

You can opt for a free Credit Score and know your credit score right away. There are sites that offer it for free and it saves you a lot of time.

Know your Credit History
Every lending amount transaction is tracked by a bank/lender and reported to the Credit bureaus who keep a track of all the lenders on one report which is also called Credit report. This report is a snapshot of all your credit history i.e. all your lending transactions and your repayments on the same. It shows the numbers of dues you have to pay in comparison to the amount you have borrowed.

There are pre-approved mortgages. If you have a good credit rating and your credit history doesn't have any kind of outstanding dues, the lender might give you an upfront pre-approved mortgage. Having a consistent and good credit rating can save a lot of money and time when you need to buy a house.

Saturday, 22 November 2014

Improve your credit history to get a mortgage

Your credit history is one of the most important parts of your application when applying for a mortgage. Bad credit or a low credit score will compromise your ability to get a mortgage, because lenders will consider you at risk of defaulting on your loan. While it is possible to get a mortgage with a bad credit rating, you might have to make some concessions in regard to interest rate and the loan amount.

The good news is that negative information on your credit score is not permanent, and positive changes in your credit habits will begin having an immediate impact on your score. Additionally, lenders use other factors to determine loan eligibility.

 • Pay bills on time each month: Particularly those for Credit cards & Loans, Bill payments will have directly impact your credit score and paying bills on time is a positive first step in improving a bad credit history.

• Check your credit history: Before applying for any mortgage, you should always check your credit report carefully; you can obtain a copy of your report from one of the major credit bureaus, which are CIBIL, Equifax and Experian.

• Manage your mortgages: People with bad credit may get approved for mortgages far below their desired amount, but having any type of mortgage on your credit report will improve your score, so consider a more modest home and fix it up.

You should also avoid making lots of applications for credit, as these searches will affect your credit rating.

You may also wish to speak to your current account provider to see what mortgages they offer and explain to them your credit history situation. If they have no products suitable for you, then at least you know without having to make an application.

Friday, 21 November 2014

How credit counselling works?

Many people think that there is no need of credit counselling to manage your credit in an efficient way. But this is not the case.

Credit counsellors look and analyse your financial situation and help you work out a plan to pay off your debt. Counsellors help to create a money management plan as well as a debt pay down plan and also provide free resources and workshops related to money management.

Credit counsellors have a deep knowledge of how to manage the debts in an efficient manner.  They guide their customers on how efficiently they can manage the credit and that ultimately will help their credit score to increase. They are also involved with negotiating with creditors to establish a debt management plan for their customers.

Therefore credit counsellors can be a complete package for your credit health.

Credit counselling usually works on these steps:

• Firstly, they will assess your current financial conditions to see how bad your credit health is.

• If there is a need for credit counselling, they will help you establish a restructuring your credit health.

• The counsellors will provide knowledge on credit and finance, and how it will help you for the rest of your life.

• They will also qualify you for lowest interest rates on loans and credit cards by increasing your credit score.

Credit Counselling hurts your Credit?

Rather hurting, opting for credit counselling will enhance your score. If you work according to the plan provided by them, it will naturally improve your score as well as your credit history.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Thursday, 20 November 2014

Monitor your credit report constantly to escape Identity theft

As we all know that having a bad credit can make you struggle to get approvals for loans, credit cards and for any type of credit. It can result into unfavourable interest rate that can cost you thousands of rupees when you take any kind of credit.

But did you know that even identity theft can damage your credit?

Identity theft occurs when someone tries to apply for any kind of services in the name of some other person. Identity theft is one of the major crimes in the world. It can damage your reputation as well as your credit profile. Also it can lead to a criminal record in your name an arrest, having your driver's license revoked or your wages garnished. Also you can lose your employment and the place you live.

How can you avoid identity theft?

Your credit report has all the information regarding the all the credits that you have taken in your entire life cycle. It contains also contains the number of enquires that have been made by you over a certain period of time.

Constantly monitoring your credit report will help you to check if there are some enquires that have been made by any other person in your name. If you detect some incidents, it can turn into identity theft

Even, there can be some accounts which are not applied by you, but are reflecting in your credit report as open. This can drastically lower your credit score and your creditworthiness.

Steps you should take?

One you figure out accounts that are not applied but you, you should take some necessary steps that will help you to eradicate the errors in your report and will make your report error free.
Firstly you should inform the bank regarding the account wrongly updated in your name. Provide all the necessary proof required by them.

Secondly you should also inform the bureau regarding the same mistake made by the bank and ask the bank as well as the bureau to kindly update the same in their record.

Thirdly you should get a copy of the credit report and check if the same have been rectified.

Wednesday, 19 November 2014

How to tackle errors in your credit report

As we all know that credit report is a report which helps the lenders and financial helpers to check the credit worthiness of the credit applicant. These reports help them to forecast the payment behaviours of the customers. It is also true that credit reports are not always accurate. They may contain some errors.

Now when we are aware of what a credit report is, it is time to learn how we can detect errors in the credit report. Errors can be minor or major.

Errors can be identified by reading the whole credit report very carefully. The credit report has the information regarding all the accounts that have been taken by a customer in his entire life cycle. It includes those accounts as well which are closed.

 Errors can be of different types like spelling mistake in the customer’s name, wrong residential address updated in the report etc. These errors can be termed as minor errors. These errors will have a small impact on the credit history of the customer.

There are some errors which can have a major impact on the credit history of the customer. Wrong account updated, incorrect status of the account, wrong outstanding amount updated in the report, etc. These are those errors which can have a major impact on the credit report and can also affect the credit history.

Errors can have a negative impact on the credit history which will also reduce your credit score. There are some steps that you should take in order to eradicate errors for your credit report.

• Firstly you should inform the lender or the financial institutions regarding the mistakes that have been identified in the report.

• Secondly you should inform the bureau regarding the same issue.

• Provide the necessary proofs to the lenders as well as to the bureaus.

• Maintain a strong follow up regarding your issue.

These are the steps that will help you to identify errors in your report and will help you to improve your credit score and increase your creditworthiness.

Tuesday, 18 November 2014

Bad credit health can make you suffer

Credit Health is nowadays termed as an important aspect in financial standing. Basically it helps lenders determine the creditworthiness of any individual for any financial assistance.

Lenders love to see factors such as mix of different types of credit accounts, timely payment on their dues, new credit, and many other factors. Applying these factors efficiently will help you to maintain your credit history in a better way.

Consumers themselves are interested in keeping their credit scores in a tip-top shape so they improve their creditworthiness. Not only it will improve their creditworthiness but will also help them save a lot of money. People who are creditworthy will immediately earn the trust of lenders and financial assistants, while people who are not creditworthy will be rejected immediately.

Lenders and financial assisters check applicant’s credit worthiness by a three digit number called a credit score. The credit score can be termed as a snapshot of their credit report. This number denotes how creditworthy an applicant is.

The credit score ranges from 0 to 900 for all the bureaus. The three major credit bureaus in India are CIBIL, Equifax and Experian. These bureaus with the help of the database maintained by them provide credit report to individuals as well as to lenders. Based on the credit report, the bureaus calculate the credit score for each individual.

A credit score of more than 750 points is considered to be a good credit score. Individuals with such score find it really easy to get financial assistance from the market and also at a relatively low interest rate. 

Maintaining a relatively good credit history and credit score will help individuals to be financially strong and will also help them to save money.

Below are some of the factors which will help you to maintain a good credit history:

• Paying your debts in time.

• Paying your loan instalments before due date. This practice will help you to maintain a record for    paying their dues on time and also will be free from paying a late fee for the same.

• The same applies for credit card. It is also seen that people paying their credit card dues will see a boost in your score when they pay off their dues on or before due dates.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Monday, 17 November 2014

What a good credit score can do for you?

Now that we have talked enough about what is a credit score, why credit score is important and how credit score can help us. Now the main question is what should be a good credit score?

Starting from the beginning, a credit score is a three digit numerical figure which is derived from your data-rick credit report. It is a critical factor for lenders to determine your creditworthiness for a loan, credit card or any other credit.

Credit score ranges from 0 to 999 for all the bureaus. The major three credit bureaus in India are CIBIL, Equifax and Experian. The banks and financial provide the information to these bureaus and these bureaus based on the data provided by the banks and financial institutions provide the credit report to them. Basically credit score is a snapshot of the credit report of that individual.

Talking about a good credit score, a score more than 750 is considered to be a good credit score. Individual having a good credit score find it really easy to get approval for loans and credit card. While people with credit score less than 750 struggle to get approval for loans and credit cards instantly.

Below are some questions that are important to know about credit score:

How is credit scores generated?

Credit score are generated based on the factors such as payments histories, debt level, types of credit and length of credit accounts which are pulled out for their credit report. These factors will determine if the consumers will pay their dues on time or not. So, a credit score summarizes the information in your credit report, which makes it easier and faster for a lender to process a loan application and make a determination.

Benefits of good credit score? 

A good credit score will help you to take credit for a car or a home or get a credit card at a comparatively lower rate of interest. This means that you will have to pay less money towards interest.

Ultimately having a good credit score will only benefit you and having a poor credit score will only damage your credit profile.

Saturday, 15 November 2014

Cleaning your credit report is a lengthy process

Credit repair is a process which helps in eliminating problematic factors from your credit report. This will help your credit report to be error free. This will hence make you creditworthy.

A person’s credit report is generally known as his credit file. The credit file contains the overall history of the credits taken by him in his entire life span. It provides information regarding number of accounts, late payments, overdue accounts, and also accounts that have been written off.

It is generally said that “Making mistakes is easy but correcting the same is a difficult task.” The same applies in case of your credit file. Mistakes such as making late payments, having overdue accounts etc. will make a negative mark on your credit report, but to remove the same mistakes from your credit report and making the report clean is a difficult task and will take time.

There can be instances that some accounts can be reported in your name which you have never applied for. These types of errors can have a negative impact on your credit report and will lead your credit score to sink.

Once you identify the errors in your report and you remove those errors from your report you will notice that your score has not increased. If you have an active trade line, then your score will increase, if not your score will remain the same.

So it is important that you have an active trade line to increase your score. Only removing errors and cleaning your credit report will not improve your score. There are also other factors that will improve your score for example having different types of credit, paying dues on time, and many more factors.

Checking your credit report frequently will help you identify errors in your report and will help you to identify factors that will improve your score.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit score and make them credit healthy.

Friday, 14 November 2014

Who has an eye on your credit report?

Nowadays, a number of organizations use credit reports in determining eligibility of people to who wish to opt for their services. Basically, organizations judge those people on the basis of their credit score. Credit Score is a calculation formulated by gauging the past and present financial performance in efforts to predict the future behaviour. This in short is known as Creditworthiness.

The credit report includes a list of all the past and present credit accounts open under our name, for example loans, credit cards or all other instalments. The report records each date when the account was opened, your instalments payment history and your current outstanding balance.

 It is obvious to assume that only lenders who provide financial assistance would check credit report, but this is not the case. Your credit report is viewed by a number of other organizations. Below are the lists of some organizations that can check your credit report:

• Employers: If you wish to work in a bank or any other financial institution you shall need to undergo a credit check. But did you know that employers can require a credit check.

• Insurance Companies: Insurance companies have found that they can use credit score to determine how likely people will be paying their insurance premium.

• Insurance Agents: Insurance companies correlate credit scores with the number of claims you file. Insurance study claims that drivers who have high credit scores are less averse for claims. When one applies for a premium from an insurance company, the premium you are pay and the rate you receive is based in some part on your credit score.

Utility companies: When you open utility accounts, including electric, cable and telephone services, they also examine your credit history. Utility companies use your credit score to determine whether you will be required to put down a deposit.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Thursday, 13 November 2014

Misuse of Loan Documents can affect your Credit Rating

We keep submitting our KYC documents such as Identity and Address proof (PAN Card, Aadhar Card, Passport, etc) for various purposes.

We apply for various loans for example housing loans, auto loans, consumer loans, etc. Even for buying a new sim card we need to provide our KYC documents. Not only documents, they accept those documents that are self attested i.e. signature on those documents.

With documents submitted for different reasons, there can be incidents where your documents couldbe misused. It can be used to apply for a credit card, home loan, auto loan, and for various financial purposes in your name. This can have a severe consequence on the credit profile as it can be termedas an inquiry in your credit report and greater the number of inquiries in your credit report.

 Misusing of documents can also result into identity theft. Identity theft is when someone uses your identity to apply for credit or loans. This will benefit the person who has applied for credit and can turn into a nightmare for the person whose name is being used.

 So here are some steps that should be taken care off:

• Keep your documents in a safe place, preferably in a cabinet or a lockable drawer.

• If your documents are lost or are misplaced, you should immediately file a police complaint. Also you should approach the concerned authority with a copy of police complaint filed by you.

• While submitting documents, you should write the purpose for which the documents have been      submitted on that document.

• Digitizing documents is one of the best solutions to protect the risk of losing your documents.

• Checking your credit report timely will help you to identify the inquiries that an individual has not made and can take appropriate steps to rectify the same.

Credit Sudhaar is India's first  Corporate Credit Health & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit score and make them credit healthy.

Wednesday, 12 November 2014

Credit Card Fraud – How can you protect yourself from Identity Theft?

If you are one of those people who are unaware about credit card fraud risks, you should consider yourself lucky that you are not one of the victims of credit card fraud. Credit card fraud can be defined as the activity when someone obtains your credit card details and uses them to make purchases in your name over the phone or on the internet.

You should always keep and use your credit card with utmost care. Also you should always check your credit card statement carefully for every month to identify the charges of purchases that were not made by you.
Credit card frauds mostly occur when your credit card has been stolen or lost or if you have made purchases through unsecured on-line websites. It is also important for you to report these matters to your credit card company if any such things happen.

Here is how you can protect yourself from Credit card fraud:

• Ignore pre-approved credit card offers.

• Keep all your documents containing your personal information with utmost care.

• Try to use cash for purchases wherever possible. You would not exchange any personal information by using cash while making purchases.

• Beware of your surroundings while using your PIN at ATM’s while withdrawing cash or using your debit card at stores.

• Placing fraud alerts on your credit reports is a good way to reduce identity theft risk.

• Use only secure payment gateways to make purchases on the internet.

There are umpteen ways in which a Credit Card Fraud can happen, from low tech dumpster driving to high tech hacking.

Applying the above mentioned tips in your daily routine can help you protect your identity and managing your credit effectively.

Credit Sudhaar is India's first  Corporate Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Tuesday, 11 November 2014

It’s time to clean your Credit Report

Credit Reports are the reports explaining your financial behaviour to the lenders. The information in the credit report includes the place you live, number of credit accounts owed by you, how you pay your dues. Not only this, it also contains information if you have filed any bankruptcy or have you been sued. All these information provided in the credit report is sometimes called Credit History or Credit Files of any individual.

Credit Reports are issued to individuals and lender companies by credit bureaus. In India, CIBIL, Equifax and Experian are those bureaus that issue credit bureaus.  It is important to get credit reports from all the three credit bureaus to get an overall idea of the creditworthiness.

If the information provided in the credit report is incorrect or it contains errors, it must be corrected in time. You have the right to ask the lender to get the incorrect information that is appearing in your credit report to get it corrected in their record as well as update the same with the credit bureaus. Also you can ask for a free copy of the updated credit report.

There is a defined law to protect you and your creditworthiness. You should not wait until you will be denied for any credit. Few hours spent to read your credit report can save most of your time and aggravation later.

Following are some steps you should take to that will help you to clean your report:

•You should take a photocopy of your credit report, highlight the errors in it and send it to the bureau along with a letter of explanation of the errors.

•You should also contact your creditors regarding the errors that have been appeared in your credit report and ask them to correct the same.

•You should document all the communication that happened with the credit bureaus and the creditors too.

With fraud and identity theft, it is possible that someone can use your identity for obtaining credit on your name. This can affect your creditworthiness.

Checking your credit report timely can help you identify errors or identity thefts that can negatively affect your credit history.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Monday, 10 November 2014

Are you suffering from a Bad Credit Score??

Bad credit score denotes that you are not in a good position to apply for a new credit. But a bad credit score is not the end. Be it a credit card, personal loan, auto loan or a mortgage, with a bad credit score you will have limited access to lending amount and also you will be charged high interest rates on the same.

Credit score is a number generated by a formula based calculation on the details provided in your credit report. Lenders rely on your credit scores to determine if you are a risk for them or not. Higher the credit score means the less the probability that you will default and you will pay back the loan in a timely manner.

If you think that your credit score is not up to the mark, make sure that the information provided in your credit report is correct. If the information in your credit report is correct, carefully read your credit report and lookout for factors that are negatively influencing your score and find ways to improve those factors.

Below are some basic factors that will help you improve your credit score:

First one is pay your bills on time. The payment of utility bills such as Phone, electricity, etc. do are not recorded in your credit report, but can be considered at any point of time.

Second is try to pay your debt as quickly as possible.

Third is making sure that you have a credit history. Having a credit history and having a good number of transactions will help in improving your credit score.

Actions that you take, be it a good or bad, within a time of 2 years will have the biggest impact on your credit score and your credit history. This means that your credit score suffers immediately after a negative remark is reported. Remember ultimately it does not matter how badly you have messed up your credit history in the past, you can always bounce back within a few years if you take necessary steps that will help you to establish a good credit history, clean up the mistakes that you have done in the past, and regularly checking for errors in your credit report.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Saturday, 8 November 2014

Steps to check your Credit Score

Credit Score represents the progressing status of your lending amount accounts over a period of time. Experian, Equifax and CIBIL are some of the credit report agencies that provide you a credit score. It ranges from 300-900(CIBIL). Having a higher score means there is less risk for the lender. The Credit Score/Credit Rating can vastly impact the interests you pay for loans, insurance or mortgages.

Having an idea of your credit score is vital before you plan to get a new credit card or a loan. The lenders understand your Creditworthiness by your credit score. CIBIL score or credit score is the notation used mostly to represent the score.

Here are the steps:

1) Call or log on to sites of credit reporting agencies (like Credit Sudhaar). You can also visit CIBIL.

2) Fill in the details on the free credit score form.

3) Upload all the require details/documents.

4) Some Agencies charge a minimum for acomprehensive credit report.

Once you get your credit score, make sure you repay/close any lending accounts that are still pending. Build yourself a credit healthy future by analyzing your credit score and relying on a good credit agency.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Thursday, 6 November 2014

Cyber Crime can lead to Identity Theft

A Cyber crime is an Computer Networking Attack (CAN) wherein a computer can be targeted for pulling out vital information. Traditional internet crimes like identity theft, hate crimes & internet fraud and also credit card frauds are considered as cyber crime. People commit illegal activities through access to vital information of computer and the internet.

Cyber-crime is also called Identity Theft wherein cyber criminals use someone else’s personal information to do transactions or represent someone which is illegal according to law. Although, Internet has been a boon for all of us and made our lives much easier but it’s unfortunate that some people use this to take advantage of others.

There is no awareness even in the Indian Judicial System to give any type of definition as to what ‘Cyber Crime’ stands for and it doesn't even include any penal code for the same. The attacks that happen over the network are of wide ranges starting from illegal transactions on your bank account or representing you without your approval, there are ways of improving your computer’s safety and security measures.

You can distinguish Cyber Crimes in the following ways:

1) When your computer becomes the target its termed as either Virus Attack or a computer hack.

2) Cyber Terrorism can include credit card frauds, identity theft where your computer is used as a machinery to spread violence or do illegal transactions.

The 20th century was an internet boon and the world was open to everyone having an internet connection but it also has its cons. Cyber Crime presents risks when you use the network without any proper security. Big corporates today are getting themselves secured to avoid any Cyber attack as they have to protect their corporate credit health and they have a lot at risk compared to individuals.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Wednesday, 5 November 2014

Facts of Identity Theft Protection

Identity theft protection comes in many different forms. The first step in protecting yourself is to understand a few basic facts about identity theft.

Identity theft protection services can help you monitor your account. It can remove your name from the marketing mailing lists and you shall be alerted for this. Its valuable and a time saver for many to pay a credit health company to keep track of customer’s financial health (accounts), credit reports and their personal information. Others opt out to do this in their own time.
Facts of Identity Theft:

a) Protecting your personal Information

b) Having paper shredder can help safeguard your identity (personal information) and pre-approved credit offers in wrong hands.

According to reports, Identity theft is one of the fastest growing crimes across India. Assuming your entire identity is the not the only way identity theft might occur. Someone using your PAN information or address or in cases a credit card or doing transactions on your behalf without your permission is Identity theft.

The Credit monitoring program will give you a credit score which is useful and can be availed from CIBIL, Equifax or Experian. CIBIL report is most preferred across India by banks and customers

Identity theft protection shall give you a cover wherein you can secure your line of credit for any loss occurred due to misuse of your identity against your permission.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Monday, 3 November 2014

Tracking errors in your credit report

Once you track erroneous information on your credit report, contact your credit bureau for more information. CIBIL score uses the informations on credit report to analyse the credit score. Having inaccuracy/missing information on your credit report can affect your credit score.

As a consumer, once you pay for the credit report you are entitled to receive a copy of your cibil report.  Your CIBIL report contains all the information in your file (lending transactions) at the time of your request.

If you want to know more about your credit score you can contact the credit report agency who made your report and also the lenders (banks/NBFC) that provided you all the details. In your credit report also have all information about how to describe inaccurate or incomplete information.

A credit report’s copy shall include information about disputing Inaccuracy / Incomplete information in your report.

Credit Sudhaar is India's first Credit Health management & improvement company whose goal is to help clients to Restore, Enhance and Protect their Credit and make them credit healthy.

Saturday, 1 November 2014

A Good Credit Score can get you Home/Auto Loans

Critical factor to consider when applying for a Home or Auto loan is your credit score. Surveys have suggested that majority of the population applies for Home and Auto loans. Surveys have implied that consumers were interested in applying for home loans to have a better future.

There is a majority response from the age group of 25-34 years old. They show great interest in having a good credit score so that they could apply for a home & auto loan. People who have good scores can apply directly for a competitive interest rate on home and auto loans.

When you check what kind of interest you shall be charged, your credit score shall be looked at. Credit Rating is used to judge your interest rate, one who has rate higher than 680 shall be eligible for a lower interest rate while those above 780 shall get the best deals.  A Credit Score reflects information of lending amount borrowed from several lenders (banks/institutions).

Getting Auto Loans is not a very stressful process and you should be able to get the ride you deserve. Incorrect reporting by lenders or human errors can cause errors in the credit reports.

Credit Score ranges from 300-900. A credit Score of 700 and above is considered by banks for giving competitive rates in the market.