CIBIL Score: Credit Score Decreasing Without You Knowing? The Reasons May Be The Same.. It Can Be Increased Like This..

CIBIL Score: Usually banks or other non-banking organizations give loans based on our credit score. Based on that, the time limit and interest rates are determined. Credit score is crucial in getting a loan here. A CIBIL score above 750 means a good score. Banks give them loans easily. If the credit score is good.. the customers also get concessions in interest rates. In some cases, banks lower credit scores without our knowledge. Even if banks don’t do this on purpose, sometimes the small mistakes we make can affect our credit score. This will make it difficult to get a loan in the future. For this reason our needs are also not satisfied. Many people are suffering from this problem. But in times like these, with some precautions, you can increase your credit score and get a loan easily. Now let’s know how. You should check CIBIL score regularly. Only then will there be an opportunity to identify and correct errors in the credit statement.

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Even if the loan EMI is paid to the banks on time.. the lender (loan issuer) may not report the matter to the credit bureau in detail. They can also be shown as late payments. Then the credit score is likely to decrease. It is at such times that you should be vigilant and bring it to the attention of the lender when there is no delay in your payments. The report should be revised immediately.

Important documents.. If there are any errors/spelling errors in various details including name, PAN card details, home address etc. as personal details.. they should be brought to the notice of the banks without delay. It avoids any problem while taking loan.

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Some people transfer things like home loan and vehicle loan from one bank to another bank. In this case there are opportunities to show that the loan is in two banks. Then the old old bank should be asked to inform the credit bureau that the loan has been paid. The problem will be solved.

Sometimes, your credit report shows the details of a loan taken by someone else. There are chances of this happening due to any mistake in the entry. That’s why if you notice mistakes in the credit report, you should immediately bring it to the attention of the banks and credit bureaus.

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Even if some banks increase our loan limit.. this information may not be given to the credit bureaus. This mistake also leads to situations where the credit score is reduced as the credit limit is exceeded. This should also be checked twice.

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