Looking for a loan and cheap rates, than a good credit rating can help you achieve your aim in a short time frame. A good credit rating helps you get a quick home loan or as a matter of fact a credit card etc.
Credit rating is a reflection of your past History and with dedicated effort, you can change it for good in present circumstances.
- Now you can get your credit rating through Cibil report in India as it will tell you all information about your past Historical transactions. Get hold of your Cibil report and check following aspects:
- Make sure that every single item has the correct (and consistent) name and address details as given in your cibil report.
- Improve the reliability of your information by making sure you're on the electoral roll. This provides proof that you are who you say you are and that you live where you say you do and, accordingly, helps boost your ratings.
- Make sure that unused, or defunct, credit lines are properly cancelled.
- Should you find anything out of place, make sure that you call up the credit agency straight away to get it fixed up.
- Talk directly to the lender, particularly in a situation where you've made late payments or have a default against your name and ask him to remove the penalties.
- Make sure that you check your rating at least once a year and you know what's written on it, particularly the negative aspects
Though it requires a dedicated effort to get the cibil report and if required to speak to lenders but this exercise must be undertaken once a month to avoid facing problems when you approach a lender for loan. Note for reference that if you have got any cibil marking, than go all out to get it removed at the earliest because this cibil marking can lead to you being given a loan at a higher rate or may be even denied a loan.