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How useful are CIBIL improvement agencies?


How useful are CIBIL improvement agencies?

  • By Saral Credit
  • July 20, 2022

Financial uncertainties are one of the common issues nowadays due to various up downs but it is our responsibility to maintain financial health by reviewing credit history at certain times.

Before signing up with any credit repair agency. These are the things you need to do at your end.

  • Prompt payment of EMIs.
  • Limit your credit card utilization percentage.
  • Check credit history in frequent time intervals.
  • Choose long tenure with low credit.
  • Keep a systematic record of your all credit transactions.

After doing all these things still have low credit scores in other situations you can visit any CIBIL score improvement agency. They will help any individual to deal with issues related to improving cibil score.

PROCESS OF CIBIL IMPROVEMENT WITH AGENCIES

  1. Quick review- First is suggested to check the reviews of various credit repair agencies. Select the best alternative from the list of all agencies.
  2. Evidences and file disputes- You have to provide them complete details of all your credit with supporting evidences; agency will file a dispute on your behalf by charging some fees.
  3. Corrections approval- Before sending it to credit bureau agency need to approve modifications by the bank or lender.
  4. Credit report- The Credit bureau will send credit reports to customers privately by any mode.
  5. Actions- After knowing actual problem in credit report, customer can take actions accordingly.

All mentioned above are quite time-consuming processes because all roles are performed by the customers.

HOW TO IMPROVE CIBIL SCORE

These are the necessary steps or actions only help you to improve CIBIL score.

  • Wrong details- You can raise a dispute with the help of an agency to review an issue of incorrect information in the credit report.  Incorrect details will be corrected.
  • Stop lender from taking legal action- You quickly need to provide notice to the lender of having issues in financial difficulties because the lender will avoid taking any legal actions against you, and will give you some time to make your conditions better for repayment.
  • Communicate- Talk with the lender and sort out fraudulent transactions quickly.
  • Reduce expenses- Make repayment of all credits by reducing unnecessary expenses on other things.
  • Responsible behaviour- Start doing responsible behaviour from today to manage your credits. It will enhance your cibil report.

Important notes to remember

  • Get complete details of all hidden additional charges (processing charge, maintenance charge, annual charge, pre-payment charges, etc.) before taking a loan from any lenders or institutions. It will help you to reduce disputes later.
  • The credit score improvement agency does not remove and edit the information from your credit report.
  • Don’t wait for getting credit card statement for payment. Make your personal notes.
  • Inform about lenders about your migration. It will ensure to lenders your seriousness towards credit.

Conclusion- The credit improvement agencies are providing great services. But it is our duty to choose the best agency. It will help you to come out from financial crises which may be difficult for you to solve financial problems alone. To maintain good financial health is must important because personal loans (unsecured loan) can be obtained with a good CIBIL score only.

Poor CIBIL? Speak to a Credit Counsellor!

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