Understanding Credit Score

Maintaining a good credit score is important as it is a powerful tool when it comes to loan approval or credit card approval. Some credit scoring is different in different models but in nutshell, higher score is always better to stand out. In general credit score falls under below ranges: 300 to 550 Poor You […]
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Facts and Misconception

Below listed are some common myths people fall prey to when it comes to credit report, we are here to burst your myths and provide facts against the same so that you can have an idea when you come across any of these. Myth – If you obtain your Credit Report you would get your […]
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Who can view my Credit Report?

It is not just potential lenders or creditors can view your credit report, but employers may also access your credit report. Your credit report and credit score can be assessed by several kind of organization such as– Banks check your credit report when you approach them for any credit facility. Even if you opt for […]
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The Negative Flags

Current Balance (Old due) It is the amount you still owe on a particular credit facility. Lenders typically take 30–45 days after payment is received to update this information to the Credit Bureau. For example, You have taken a two wheeler loan of Rs. 50,000 in 2011 and as on today’s date if some amount […]
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Explanation of Negative Flags in Credit Report

Negative Flags in your report is a proof of some past mistakes which can ruin your future plan. Regardless of the fact that the negative error occurred due to your mistake or negligence on part of Credit Bureau, you must take measurable action to rectify it because credit report affects the most important financial measure […]
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Reasons to check your credit report

Reasons to check your credit report Let’s see here some quick on reasons which is why you should check your credit report It’s an important step in rebuilding and maintaining good credit score It’s an important part of managing your personal finance It’s the first step in correcting any information you feel is inaccurate, that […]
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Modern Credit Reporting System

With the growth of technology and advance computing of data collection in 1970s, the modern credit reporting industry was born. This made work efficient and cost effective. Credit reporting is meant earlier for lenders, but it helps consumers as well. In 1971, Fair Credit Reporting Act was passed in the US to ensure the “accuracy, […]
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Earlier Credit Reporting System

Earlier credit reporting was not a part of any financial system. In the 5000 year history of debt, credit reporting has been a deeply personal practice but eventually around 1700s, credit reporting came into picture. The first recorded group that shared credit information about consumers was the colorfully named “Society of Guardians for the Protection […]
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5c of Credit Underwriting

Capacity Capacity measures the capacity or capability of the individual/ business to repay the loan amount in time. It is the first step for any credit application to get reviewed positively. In case the applicant does not have capacity to repay, chances arehigher that the lending institution will reject the application or review it for […]
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What do you mean by credit underwriting?

In simple language, the term “credit underwriting” in banking means a process of assessing risk involved while lending to a person or business. The underwriting process directly evaluates your finances and past credit decisions. The person who is involved in the underwriting process is called an underwriter and the underwriter is responsible for deciding whether […]
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