Now, many of you must be wondering how your credit report will look like, how to go about setting any mistakes in the report right, how to maximise the benefits of being able to access your credit score and other such issues.
Here's how you can get a copy of your own credit report if you are curious to know about your credit score/credit rating in India.
You will be able to access your credit scores in December 2010. The score will range from 300 to 900, indicating the levels of default. It will be available to consumers for a sum not exceeding Rs.100 as prescribed by the RBI. CIBIL, which already has a huge database of credit reports - which are currently consulted by banks before sanctioning a loan is putting up the infrastructure to be ready to service consumers who wish to access their credit reports.
'Don't play the American game... India is too big for a US game.'
CIBIL provides credit information about individual customer and business entities that helps banks in taking decision on sanctioning credit to any customer.
Join Rajiv Raj of Credit Vidya on how you can get good CIBIL score and home loan rates at 4.30 on Rediff ZaraBol.
Did your bank ever reject your loan application because you were reported falsely for having bad credit history? Tell us.
Here's why it happens and how you should avoid it.
Some of the celebrities whose names and details were used by the fraudsters are Abhishek Bachchan, Shilpa Shetty, Madhuri Dixit, Emraan Hashmi and Mahendra Singh Dhoni, Deputy Commissioner of Police (DCP) of Shahadra Rohit Meena said.
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India needs another shot of difficult reform, of the kind only possible at gunpoint. Mr Trump holds that gun to our heads now. A drastic reduction in tariff protection, other elements of sarkari wet-nursing will force entrepreneurial India to become competitive again, argues Shekhar Gupta.
If you do not overspend, we advise you to get yourself a credit card. It will open up a whole new world of benefits.
'Sushant Singh Rajput threw Rhea Chakraborty out of his house six days before he died.'
If variation is over 50 points, write to the bank and bureau immediately to correct the discrepancy
Credit Information Report is one piece of information that can tell if you are a defaulter or not
CIBIL has started providing individuals with their credit information reports. Here's why it makes sense for you to know what it's all about.
Middle class Indians have grown up with the belief that living on credit is essentially a bad thing. You are in trouble if you think the same, cautions Rajiv Raj
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'The critical event signalling a new era for India was Dr Singh's 1991 Budget in which he quoted Victor Hugo to say that no power on earth could stop an idea whose time has come,' recalls T N Ninan.
Credit cards are no angel or devil. Spending habits and personal finance management make it what it appears to be. Let there be no illusion, think real, be wise.
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At the same time there were few complaints about the wrong reporting of credit information to the Credit Information Bureau (India) Ltd, which was taken up by the RBI with the concerned bank for redressal, minister of state for finance Namo Narain Meena told the house in a written reply.
A bad credit score in general is seen as an irresponsible behaviour of an individual. Inability to pay on time reflects that the person is not capable of take care of things.
The Credit Information Bureau (India) Limited (CIBIL)can now generate a copy of your credit history and payment default reports at the click of a mouse. Borrowers will now have to tidy up their payment history.
Too much unsecured loan can harm your CIBIL rating.
Here are some very important credit gyaan you wish you had got from your parents
This central registry will help banks, financial institutions and non-banking finance companies get mortgage details of consumers before issuing loans against property. The personal loan score will provide details on the likelihood of customers becoming 91 days delinquent on a personal or consumer loan over the next 12 months. It will range between 300-900, indicating the levels of default. A home loan repository and a fraud repository will also be launched soon.
Do you know what is 'credit repair'? And how to go about it?
In order to be eligible for a loan when you really need one, it is imperative to maintain a good credit score. By having a good mix of debt and servicing it regularly, you can maintain a good credit score and be loan ready at all times.
Sacrifice these common misconceptions to improve your credit score this Eid
You can gift your sister a Women Special Credit Card, which is not only loaded with exciting rewards for women, but they are also your sister's first step towards a better credit management.
From 13 members and database on four million trades in 2004, when Credit Information Bureau of India (Cibil) was set up, the country's first credit information company now has 162 members and database on 127 million companies and individuals.
The Credit Bureau of India (Cibil) is set to launch a credit score database that will reflect the creditworthiness of every borrower in the country.
While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
An error does not become a mistake until you refuse to correct it. Errors in your CIBIL credit report can become costly mistakes if you do not rectify them in time. So next time you get your CIBIL report, do not just see the score and tuck it away.
Here are 5 ways you can get a credit card even if you do not have a job.
If used without much care credit cards can become debt traps. But there are ways to use them to your advantage, says Rajiv Raj
Let the festivities and celebrations begin; get yourself a credit card this Onam. Shop with it, earn reward points, make your family happy but remember to never go overboard or miss your payments, says Rajiv Raj
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