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It Is Important To Track Your Credit Report

  Fri, Feb 03, 2017     written by : CSF-Team
Credit Report

Most people don't bother to check their report unless they are planning to take a loan. You must regularly track your credit report irrespective of your financial situation. You don't want to go through the same thing as Ritika & Rupesh did.

The Case

She was a simple, undemanding, docile and hard working woman. She was loved by all and was considered a kind and sweet person. She let her husband Rupesh handle all her finances and take all decisions for her. Her family was her little world of joy. And for Rupesh, Ritika was the world.

The night Ritika had an accident and risked slipping to coma, Rupesh could think of nothing else but saving her life. The doctors suggested a surgery within days or it would be difficult to save her.

Rupesh rushed to his trusted bank and applied for a personal loan. Alas, his loan application was rejected. The news came as a bombshell to him. He couldn't believe it. The reason given was that he had a low CIBIL score and was told that he needed a bad credit fix.

Rupesh was very meticulous about all matters financial. He never defaulted on any payments. In his business circle he was known to be "one whose word was his bond". He was a man with integrity. He was worried if the news was out that he had bad credit then his credibility would be affected. And ofcourse, if he didn't get the money in time it may turn out to be fatal for his wife.

Since money was really important right now, Rupesh decided to quickly study his credit report. His report was quite upsetting. He had a pathetic score of 567. It was quite a blow. Upon studying the report in detail he noticed a lot of wrong information. Like, unpaid accounts, he had enquiries for car loan and home loan which he never applied for, he even had a large outstanding credit card balance that had been unpaid for more than a year.

Time was certainly not on his side. It would take him months to repair this report and improve his eligibility. He decided to put his house on sale to secure money as soon as he could, which he knew was going to be an uphill task. He didn't have anyone to go to when he heard about Credit Sudhaar Finance.

How Credit Sudhaar Finance came to his Aid?

Credit Sudhaar Finance was launched with the aim of helping those who are stuck in a poor credit situation but deserve a second chance. While lenders usually shudder upon hearing "subprime", CSF decided to bail out such people in times of need. Ordinarily, they cannot get loans due to a poor credit score.

This is why we introduced the very helpful Plus Loans. These loans are available to those who have poor credit but display clear intentions to repay the funds. After meeting with Rupesh and understanding his case, we recommended him to not sell his house instead put it as security for Plus Loans.

He got instant approval from us and we disbursed the funds as soon as possible. Realising his urgency we expedited the process and gave preference to his case. With money in his account, he paid for the surgery in time and Ritika was home in a month's time after that.

On her road to recovery, she and Rupesh often thank us for the being there last minute.

We explained to them that it was important to invest in a medical insurance policy as an emergency can come knocking any time in life. One must be prepared for it. Needless to say they regularly track their credit report now.

Why Must You Check Your Report Regularly?

The foremost and most compelling reason is to avoid errors in your report. Inaccurate information in your report can lead your credit score to be severely impacted. It can have lasting effects and it may take you a long time to have all of them resolved. Instead of going through the hassle it is best to keep checking the report in time as a precautionary measure.

Errors can indicate identity theft; they can be because the bureau goofed up or may be the credit institution made a mistake when reporting to the bureau. For example, you have paid for a loan but it hasn't been reported to the bureau and it seems like you have not paid for it in a long time. Whatever the case be, you will be the one paying for it.

In Rupesh's case, what seemed like a clear case of identity theft, turned out to be a mix of errors on the part of the bureau and the lending institution. It was unravelled that the bureau and the bank mixed up the details of another man with the same name and birth date with Rupesh’s good credit.

The old English adage, given at the top of this page, is apt here. By checking your report regularly you save yourself time and effort that you may have to spend in course correction in future.

Most importantly, let us assume you are in need of finance instantly. There is no time to lose and you notice you cannot get a personal loan with low CIBIL score. What will you do? It will take you a long time to fix your score and dispute all errors. But since time is not on your side, you may have to sell off assets or take loans at a higher interest rate to fulfil the immediate need. All because you were ignorant about your report all this while.

Don't let a rejection come as an eye-opener. To avoid any headaches later, check your credit report today.