So you are one of those who have had a tough time financially in past. Owing to financial concerns you were unable to pay the lending institutions their due in time and the accounts went into default. Your credit report now has impairment and is becoming a challenge in your quest to have access to credit. You have tried explaining the banks that you are out of the difficult times and have the capacity to repay. Thus the loans and other credit facilities should be extended to you, however, even after pursuing them there seems to be little hope now. What will you do in such a situation?
The low CIBIL score has been on account of the past defaults. And now you are wanting to come out of this situation, the best way to go about it is to start with a credit building program. We Indians somehow have aversion to seek professional help and love to try and test things on our own before actually consulting someone who is knowledgeable and can facilitate in achieving the objective in a seamless way. Let us look at how signing up on a program is going to be a good deal.
Our credit report is just like any medical report where we will not be able to understand the implication of various statuses getting recorded, on our credit health. Akin to a medical report, where we may still be able to see how we fair against the acceptable range of the test but will not be able to understand what impact will it have on our physical well being; on our credit report also we may not be able to comprehend as to what does the report mean to us. A professional who understands the report will be able to analyze the current status correctly and update us on all the deficiencies that we may have.
A professional will be able to firm up a plan of action specific to us which is in accordance with our current financial condition and give us a road map to improve CIBIL score over a period of time. We may on our own, in exceptional cases, be able to understand the report, but will not be able to plan out on what we need to do to be able to have a better credit health in shortest time period.
One has to be quite cautious while recuperating from an ailment. The derogatory flags captured by bureaus are also kind of an ailment that needs regular attention while we are working on rectifying them. A professional will be able to assess the outcomes of the measures taken far more effectively and help us keep on course of meeting our objectives.
In case of any requirement of alternating or amendment on the actions are required, the professional will be able to guide and help us take corrective measures just like a doctor does if one of the medicines does not have the desired impact in curing the ailment.
Most of "do it yourself" activities die its own death since one is not able to maintain the required focus owing to day to day challenges (both professional and personal) that need mind share and attention. When paid for a service, not only would we demand the provider, but will also ensure that some time is being taken out to leverage full benefit against the invested amount.
This is the most important part. As a doctor would advise on how long to rest before one starts the grind of life once again, the expert will not only be able to advise on the right time to apply for a loan, but would also be able to guide on the institution that would be able to extend us the loan at best price.
Therefore signing up for a credit building program has all its benefits and people who are serious about coming out of the mess that past financial constraints had forced one to land into, must opt for one.