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We know that the main aim of the credit information companies is to help banks and financial institutions ensure that the loans and credit that they hand out don’t end up in a loss. To ensure this from happening what credit information companies like Experian do is to collect information about a person’s financial habits and present that in the form of a credit report to banks and NBFCs. Over time this report has become a crucial factor in deciding the creditworthiness of a person applying for a loan and that is exactly why you need to keep your credit reports health. It is very important that the credit report you present to a bank is good. There can be times when some red marks might end up on the report but they are not permanent and can be dealt with and here is how you can do that.
Improving a credit report is no rocket science. All it calls for is a bit of discipline and a bit of caution. If you were to keep the following points in mind you can be well on your way to a good report. However, before you get started you might want to get your Experian credit report so that you know what exactly is wrong with it.
Experian assigns a score of 300 to 900 based on the credit information that they get from their members. Should your score start approaching 300, it would be wise to implement these steps to ensure that the score improves over time. Should you ignore your credit report, you may land up in a situation where your credit report will deteriorate and prevent you from taking fresh credit when you really need it.
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