Credit report is summary of your Personal Data, loan Data and Enquiries.
Number derived from your past financial behavior is Credit Score.
Different Banks have different minimum Required score for Different loans . Credit Score above 700 is considered good.
Repayment History :- Last 36 Months repayment is reported in credit report. Each day delay in EMI payment will reduce score.
Credit Mix :- Proportion of Secured and Unsecured Loans availed. More Unsecured loans will reduce score.
Total Exposure :- Total amount of all loans outstanding compared to your income.
Length of Credit history :- How long you have been availing loans and repaying promptly.
Enquiries :- Each loan application leads to enquiry. More enquiries will reduce your score.
Score should be above 700.
Confirm all Loans are availed by you.
Check any closed loan is reported as overdue.
Does any closed loan is reported as open with delayed Payments.
If any loan is marked under WRITTENOFF / LOSS Status.
Loan Settlement:- Never settle your Loan/ Credit Card. Clear all dues and close. Credit Report shows loan is SETTLED status and even report how much you paid less.
Overdue’s:- All charges (EMI bounce Charges, delayed payment charges, duplicate statement Charges etc…) should be cleared along with final EMI. Many a times we miss these charges and Loan will be reported as overdue.
Loan Rescheduling:- All loans/ Credit Cards rescheduled are reported in your Credit report. Its advised not to reschedule any loan/Credit Card. Try to clear all dues.
NOC :- Once all dues are cleared, collect Loan closure letter and No Due Certificate. These certificates / Letters will be helpful in Dispute resolution .
Guarantee :- If you had guaranteed your friends Loan, keep track of loan repayments. All Loans Guaranteed by you will be reflected in your Credit Report.
There is ONLINE DISPUTE RESOLUTION mechanism . You can raise your dispute online logging on to concerned Credit Bureau website.
Credit report analysis
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Periodic updation on best deals and updated information.