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Source: Live Mint In today’s world, credit reports and credit scores have become synonymous with financial health and stability. These tools, once primarily used by banks and financial institutions to assess a borrower’s creditworthiness, are now influencing far more aspects of a person’s life. From determining eligibility for a loan to impacting job opportunities, insurance…
Source: Live Mint In India sustaining an accurate credit report and a robust credit score is crucial as it directly impacts personal loan approvals and also influences applicable interest rates. Still, discrepancies can occur potentially influencing your financial prosperity. The Reserve Bank of India (RBI) has implemented measures to ensure timely updates and accuracy in…
Source: Live Mint Maintaining a healthy credit score remains crucial for borrowers seeking loans, credit cards or favourable interest rates. Now, with the Reserve Bank of India’s recent reforms boosting credit reporting transparency, it is crucial to avoid common pitfalls that can negatively impact your creditworthiness. A credit score is nothing but a numerical representation…
Source: Live Mint In India, there is a strong belief that avoiding debt is the best way to stand out and stay away from financial problems. Such a practice also keeps an individual financially healthy. Given this can work for personal budget planning, still it can backfire when it comes to your credit score and…
Source: Live Mint A credit report is a comprehensive record of your credit-related activities compiled by credit bureaus. It includes detailed information about your existing and past loans, credit card usage, repayment behavior, outstanding balances, defaults (if any), and even the number of times lenders have inquired about your loan application. This document serves as…
Source: Live Mint In a rapidly developing country like India, a credit score of above 770 is considered as an excellent score. Any score in this range enhances and boosts your eligibility for loans and credit cards on favourable terms. Sustaining such a high score requires consistent financial composure, discipline and awareness. The focus of…
Source: Live Mint For numerous Indian students, securing an educational loan is a critical step towards accomplishing academic success. Still, lacking a proper credit score and a clean credit history can pose significant challenges in securing education loans on easier terms. Even in such circumstances, it is important to acknowledge the fact that there are…
Source: Live Mint The words “credit” or “debt” can feel quite daunting, especially when you’re just starting on your financial journey. For a long time, young individuals were often advised to avoid borrowing or seeking credit in the early stages of building their financial independence. The belief was that credit was risky, something to be…
Source: Live Mint A credit score of 550 is generally considered poor in India. Such a score significantly impacts an individual’s access to credit instruments such as credit cards, personal loans etc. That is why clearly understanding the implications, pros and cons associated with this score and taking proper steps to improve the same are…
Source: Live Mint As of late 2024, over 1.33 million students are pursuing higher education abroad according to the recent report published by PTI. This is a considerable increase from past years, this fact was presented before the Indian parliament some time ago. It highlights the growing trend of Indian students pursuing higher educational prospects…
