A phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
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.
Credit rating agency Crisil has announced that it has reached a preliminary understanding with Equifax Inc of the US, and Tata Capital Ltd to set up a credit information company, which provides credit histories and checks on retail borrowers.
'Maybe the State wants to be watching people all the time. But when they are watching, others too may be watching!' 'The State is becoming more and more secretive while throwing people to the wolves.'
More credit bureaus to ensure faster dispute resolution.
A vast majority of borrowers are in the essential services' supply chain with tiny and micro businesses, and this has sprung back.
'In times of recovery, we may see a rural-urban divide with the urban pockets affected more by COVID-19, but the MFI business model should encourage banks to handhold them in this hour of crisis,' notes Tamal Bandyopadhyay.
Cases across the country against defaulters who owe over Rs 1 crore each, reveal CIBIL data.
If you default, it will affect your credit score and your career.
If you score well in your credit report with anything between 700 and 900 points, your demand will be easily processed and approved.
Banks create a credit profile of every person who approaches them for a loan. This is a very vital part of any loan application process and banks do consider it very seriously before sanctioning any kind of loan.
Unique Identification Authority of India said the alleged data breach took place on a website that does not belong to it.
Sacrifice these common misconceptions to improve your credit score this Eid
Not all NPAs are treated as wilful defaulters.
Each partner should discuss retirement accounts, property owned prior to marriage.
Your social media profile may soon be your ticket to a loan or a credit card, says Abhishek Agarwal
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
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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