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A credit score is an important factor that is taken into consideration by lenders at the time of offering credit to consumers. It is a numerical representation of your ability to repay loan. A credit score ranges between 300-900. A higher credit score makes you eligible to avail loans and get credit cards. Lenders these days are also offering preferential pricing rates for loans to people who have a high credit score and a good repayment history. Banks will take a look at your credit report before approving your application as they need to make sure you are capable of handling the credit and repay it. Therefore, it is important to maintain a high credit score to not only avail personal loan or home loan but also to enjoy the additional benefits associated with it.
You need to check your credit score from time-to-time as it may have errors. Hence, it is not enough to only check your credit score but also to monitor it periodically. Let’s learn more about credit monitoring and how beneficial it is to have a good credit score.
Credit monitoring as the name suggests means tracking your credit history and looking out for any discrepancies or suspicious activities. You can also be a victim of an identity theft which could hamper your credit score. There are several credit monitoring services that let you check your credit history more often. These services also review your credit report and alert you in case they come across any fraudulent activities or errors. If you are not keen on taking the help of a credit monitoring service, you can try a few simple steps and monitor your credit by yourself. Let’s take a look at some of the ways in which you can keep a tab on your credit transactions.
It is important to check your credit card statement every month as you may be charged for a few unnecessary expenses. You could also be a victim of identity theft or a fraud. If you see any suspicious activity on your credit card, you can reach out to your bank and try to solve the issue at the earliest. Also, look out for any unauthorised transactions that have been conducted via your credit card.
The Reserve Bank of India (RBI) made it compulsory for all the four credit bureaus in the country to offer one free credit report and credit score to consumers in a calendar year since the beginning of 2017. This essentially means you can get your hands on four credit reports for free in a year. It is a good habit to monitor your credit report periodically to avoid any surprises such as fraudulent activities and unnecessary credit inquiries.
In today’s digital age, you should be extra careful while making online transactions. Make sure to keep your usernames and passwords safe and beware of online frauds. One of the best ways to be safe is to minimise the exposure to unofficial and third-party websites. Also, make sure to not provide your personal information such as your credit card numbers and pins via email or any other online medium. You should change your net banking and credit card passwords frequently. With all the transactions happening via your phone or desktop, it is important to store your passwords securely.
If you come across any errors in your credit report such as duplication of credit transactions, or wrong personal information, it is advised to fix it at the earliest. You should raise the dispute with the respective credit bureau and resolve the error at the earliest as it can bring down your credit score.
Today, we can get alerts regarding all our expenses and bill payments on our email as well as the phone. The quicker you get to know about your credit transactions, the better it will be for you to take an action in case of a fraud or a discrepancy.
You should always take measures to work on your credit score and try to bring it close to the 900 mark. Taking simple measure such as paying bills on time, limiting credit exposure, not closing old accounts, not taking multiple credit at a time, among others can help you improve your credit score. It must be noted that,] your credit score cannot change overnight and it takes time and efforts to get a healthy credit score.
The Indian Renewable Development Agency (IREDA)’s plan to launch an Initial Public Offering (IPO) by June 2019 could be delayed again, as per a report from the Business Insider. The state-run company had hoped to launch the IPO in March 2018 but had faced a delay because of compliance issues with SEBI. KS Popli, IREDA chairman and managing director stated that the IPO will most likely be launched before September. He further added that the amount of the IPO will be between Rs.700 - 750 crore. Last year in February, IREDA, a non-banking financial company (NBFC) with RBI, had received the approval from SEBI. IREDA plans to borrow around Rs.3,000 crore to Rs.4,000 crore next year depending on the demand for funds from the purchasers. Last year in December, the agency had cancelled its plan of green bond sale owing to a weaker response from the market. Earlier in January this year, the IREDA’s ratings were downgraded by Moody’s credit rating agency from outstanding to negative. The reason of the downgrade was attributed to higher problem assets, as well as a significant decline in profitability.
10 February 2019
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