There is a need for real-time or near real-time credit reporting, instead of the current fortnightly system, to improve underwriting precision, enable timely reflection of borrower actions such as loan closures or repayments, and deliver a superior consumer experience, Deputy Governor of the Reserve Bank of India (RBI), M Rajeshwar Rao said on Wednesday.
More credit bureaus to ensure faster dispute resolution.
If variation is over 50 points, write to the bank and bureau immediately to correct the discrepancy
While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
Consumer loans or personal continue to record the highest fraud incidence.
Here's why it happens and how you should avoid it.
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
Before applying for a home loan, make sure you have not been delinquent in the past six months at least.
Section 45, which says no claim can be rejected after three years of a policy being in force, remains a bone of contention
If you do not overspend, we advise you to get yourself a credit card. It will open up a whole new world of benefits.
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.
Too much unsecured loan can harm your CIBIL rating.
Often, these gangs tie up with former sector employees to understand how the process works
Do you know what is 'credit repair'? And how to go about it?
Though reward points should not be a primary concern while opting a credit card they do hold some monetary value. Be sure to redeem your points on time and make the best use of your card.
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.
If used without much care credit cards can become debt traps. But there are ways to use them to your advantage, says Rajiv Raj
Reports suggest state-owned banks have lapped up Rs 40,000 crore, so far, using both bonds and equity instruments. The question, though, is whether there will be a perceptional change for PSB stocks.
Cases across the country against defaulters who owe over Rs 1 crore each, reveal CIBIL data.
Read on to understand the pros and cons of higher credit limit
and three times when you should actually use them
While you go about it, please note that if it is difficult for you to keep your spending habit in check, all the benefits of getting a credit card limit increase will be pointless.
Getting married has no direct bearing on the credit score of either of the spouses. However it does impact the financial situation and may sometimes impact the credit score of any individual indirectly due to the action of the partner.
We hope this information can help you save and trigger more money saving ideas in your mind.
Warning: These tips are not for those who are already in a debt trap or struggling to meet expenses.
There may be huge discounts and easy EMI options on your favourite expensive smartphone, but do not swipe your credit card left, right and centre, warns Rajiv Raj
Six compelling reasons to use your credit card. WARNING: reckless use of plastic can land you in a debt rap
Not all NPAs are treated as wilful defaulters.
Paying just minimum amount due? Closed your oldest credit card? Have never accessed your CIBIL report? You could be in trouble :(
If allowed to go unchecked, this addiction can wreck you financially as well as emotionally.
You may forget about your mistakes but CIBIL keeps an eye and maintains a record of each and every transaction right from your first credit card!
If you are a compulsive credit card user and are at a loss about how to regulate your credit card spend, here is help at hand!
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Following are certain important things that lenders consider while processing loans to self-employed...
Here's the formula and it is not too difficult to implement.
Here are six New Year Resolutions which will definitely help in achieving your financial goals in the long run.
Here are some pointers that should serve as red flags for you
Few right moves and you can improve your credit score real fast
Answers to six commonly asked questions about CIBIL score that will help clear your confusions
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