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  • How to Monitor Credit Score

    Credit score is an important indicator of your financial health and helps determine how trustworthy you are as a borrower. It pays to maintain and monitor a good credit score because it can help you get a loan approved faster and entitle you to a host of benefits like lower interest rates, better reward schemes on credit cards and cash backs. A good credit score will make you eligible for better credit cards that will help you make major purchases (like appliances, furniture etc) and pay back over a period of time. In fact, people with a good credit score are believed to be more employable because they are reliable, a quality that employers look for.

    A credit score is a three-digit number that is obtained from your personal financial data and credit spending behaviour. Lending agencies, financial institutions or banks usually refer to this number before issuing any kind of credit. Credit reporting agencies usually calculate your credit score and this can also be obtained online for free. The score can vary anywhere from 300 to 850. The higher the number, the better the credit score, which means you will be eligible for lower interest rates on loans. A score of 720 or above is usually considered a good score.

    It is always wise to enhance your score before applying for credit.

    Here is how you can Monitor your Credit Score:

    1. Scan financial accounts – Make it a point to keep a regular track on your spending habits. Take a look at your credit card statements and bank account statements at least on a weekly basis. This will help you take notice of unnecessary or extravagant spending on credit cards.
    2. Sign up for free alerts – Many companies and credit rating agencies will allow you to sign up for regular alerts for free. Notifications will be sent to you if spending behaviour exceeds a certain specified amount or set limit. You can also use mobile apps and online trackers to keep a watch on your score.
    3. Watch your credit report- It helps to keep an eye on your credit report. Once you register, free credit reports will be sent to you by credit rating agencies. You can ask a report to be sent to you once in four months.
    4. Ask your bank- There is no harm in asking your bank to share the credit score with you. Though many banks may not openly share this information, you can make a request if you are a long term customer. Some banks may charge a fee for it while others may provide the data for free.

    Apart from these measures, it is important to take note of the various factors that determine your credit score. It will always earn you points if you pay your bills, especially credit card bills on time. The payment history plays a crucial role in determining your score and always make it a point to try to pay your credit card bill in one shot and not in instalments every month. Keep your credit utilization ratio low, pay loan EMIs on time, maintain your credit limit and borrow only as much as you can pay back over a period of time.

    News about CIBIL score

    • IREDA IPO To Be Delayed

      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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