CIBIL Score Improvement Agencies : A review

What Is A CIBIL Score?

CIBIL score is the three-digit numeric summary of your credit history. Credit score ranges from 300 to 900. A score above 750 is considered a good credit score. Credit history records the borrower's repayment of debts, credit utilization ratio, overdue credit accounts, and many other credit-related pointers. A CIBIL score takes time to build up, and usually, it takes 18 to 36 months to obtain a satisfactory credit score.

Why Does Credit Score Matter?

During the loan application process, credit score plays a vital role. A lender or the bank can quickly check the applicant's repayments history. If the CIBIL score is high, the lender considers the application and determines whether the applicant is creditworthy. If the credit score is low, the bank may not consider the application further.

How Do You Read Your CIBIL Score?

The consumer always advises checking their credit report every three months. Within your credit report, ensure checking minor or major errors that may strongly impact your credit score.

Why Do You Need A Credit Score Improvement Agency?

There are numerous scenarios when you get a low credit score (intentionally or unintentionally). In either case, you look for a quick action plan to recover your CIBIL score and reach a good level. 

Most people are unaware of what to do in such situations. Hence, you should look for a credit score improvement agency to understand your current situation and assist you in CIBIL score improvement.

Agencies To Improve CIBIL Score:

Nowadays, numerous credit score improvement agencies are available, with state-level or national-level presence. However, some of them have been serving the customers for long. Below are some of the popular CIBIL score improvement agencies.

• Credit Triangle
• AskCred
• CreditMantri
• Credit Help India

Many more are there, so if you are facing issues regarding a low credit report, you can research well and opt for the credit repair agency. Let’s take a look on these top credit repair agencies.

CREDIT TRIANGLE:

Credit Triangle is gives you a free credit counseling to help you recover your bad credit history and build a good CIBIL score. They provide credit health improvement services for Corporate and Individuals.

For Individuals they provide services that include:

1. 12 Credit Reports
2. 12 Counseling Sessions
3. Senior Credit Expert
4. Analysis Of Your Credit Report
5. Identification of your issues
6. Settlements and Debt Reconciliation
7. Know your dues
8. Credit Score Builder Program
9. Free Loan Assistance
10. Score Maintenance Program
11. Error Mapping Solutions
12. Credit Card assistance
13. Credit Monitoring
14. ID theft Protection
15. General Insurance
16. Health Insurance
17. Life Insurance
18. Tax Filing
19. Debt Consolidation

These services are bifurcated in three categories i.e. BASIC (INR 5000), STANDARD (INR 15000), POPULAR (INR 25000).

For Corporate and businesses, they provide a single plan (CORPORATE PLAN) for INR 50,000.

For INR 4,000 per year, Credit Triangle also provides you Credit Monitoring services that helps you stay updated with your CIBIL report and handle any discrepancies’.

Alongside, they also provide various credit facilities like education loan, personal loan, business loan, home loan, etc.

ASKCRED:

AskCred is a credit health improvement service that provides advice to people struggling with a bad credit score. They offer a free credit report alongside detailed report analysis via consultancy. You can book a consultancy to learn about how they can help you with a bad credit score.

In the consultancy, they provide you services including:

• Review your finances and resolve your debt problem
• Explanation and detailed analysis of your credit report
• Learn how to manage your money correctly and learn how to stick to your budget
• How to request quotations and repay banks on time
• Dispute resolution support to eliminate errors in your credit report

Fees:  The fees for a counselling session is Rs 1249/-.

CREDITMANTRI:

CreditMantri is another credit health maintenance agency that provides free credit reports alongside its analysis. CreditMantri has a three-step process to maintain your CIBIL score.

• Step 1: Create your account and create a credit profile
• Step 2: Get your credit report with a detailed analysis
• Step 3: Choose from various credit facilities to improve your Credit score.

NOTE: CreditMantri shows you the credit report fetched from Equifax.

CREDIT HELP INDIA:

Credit Help India is a firm that provides free credit reports for Individuals and Corporates. It helps you with credit maintenance services, including:

• Learn what needs to be done to improve your Credit Score.
• Learn how to increase your Credit Score fast.
• Learn how to get Credit Score benefits.
• Learn how to check Credit repair services online.
• Learn how to improve your Credit Score after default.
• Learn how to get my free Credit Report.

Credit Help India provides four packages: Analysis of Credit Report, Identification of Errors, Issue Resolution, Personalized Credit Expert, CMR Improvement Program, and Access to Senior Credit Expert. The packages are:

• BASIC (INR 9,999*/3 Months)
• STANDARD (INR 12999*/9 Months)
• PREMIUM (INR 18000*/12 Months)
• COMMERCIAL (INR 34999*/12 Months)

 

What You Should Know When You Are Signing Up With The Credit Repair Agency:

 There are certain things that a customer must know about credit repair agencies. These can help them to know them better, and the transparency that one should have between the agency and the customer should also be maintained.

• The agency doesn't have the authority to correct the information in your credit report. They can help you in resolving the dispute on behalf of yourself.
• The credit repair agency aims to restore or correct the poor CIBIL score.
• There can be some charges by these agencies to contact the credit bureau and point out any errors that are reflected on the report.
• Before the credit bureau considers it, the lending or banking institute must approve the modification.
• The vital thing is your credit report, which is never shared with anyone. A credit report is a confidential document, so only customers can have it via post or email. So, it should be clear that even if these agencies work for you or if any modification is made in the report on account of the dispute raised by the agency, the customer can receive the credit report.
• The consumer can do the work of a credit repair agency, but always remember they are experts and can resolve your problem within a small period. If you can handle it, the process can be tedious and time-consuming.

Also Read- How Useful Are CIBIL Improvement Agencies?

Benefits of Hiring a Credit Repair Agency:

Save Time:

It is possible to improve your CIBIL score by repairing yourself, but it takes a lot of time as you have to learn lots of concepts. So, it becomes challenging to have all the processes go smoothly with your busy lifestyle. The professionals know all the laws and policies, so they save your time by doing all the processes on time.

Experience: The experts have lots of experience in repairing bad credit scores. They know what to do to improve credit scores and also, and they know how to protect the consumer. They know well what to do and at what time, so it becomes handy if you are working with them.

Save Money: When handling the process on your own, you have to hire a lawyer, which can be costly. But if you hire a credit repair agency, it will be within your budget. Your financial goals will be attainable as you save money in other avenues.

Resources: Credit repair agencies have lots of resources like they have lawyers on call and know different policies, and these resources help you in every manner. Credit repair companies can help improve your credit score by utilizing all their resources.