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Learn Healthy Ways For Improving Your Credit Health
Credit score are used by money lenders and loan providers to evaluate an individual’s credit health. Poor credit score shows poor credit health and vice versa.
Generally, people do not have idea about credit score. Credit score is a three digit number that is used for evaluation of your credit risk level. If you have not maintained a good credit score, it may create obstacle in obtaining loan for significant investments like buying a home or vehicle. All mortgage lenders and large financial institutions want to know your credit score when you apply for credit.
Your credit health details are managed by CIBIL. CIBIL maintains data of customers of its member banks. Such data contains complete credit history of borrowers. Whenever an individual apply for loan, the member bank enquire about the credit health of customer through CIBIL. CIBIL do not recommend a bank to give a loan or not. It is sole decision of bank to grant the loan or reject the application.
If there are delays and loan defaults, they will be shown in the status column of CIBIL report without reflecting the name of the bank. Generally, in ...
... case of overdue payments and loan default, banks normally do not give loans. Loans are given only if the credit manager of the bank is satisfied that your default loans reflected in CIBIL report are settled. Thus, it is very important to take clearance letter while settling outstanding balance of default loans. Such letter is to be provided to the credit manager of the applying banks.
Now there are many credit repair agencies in India that help loan seekers to improve their credit score and regain their credit health. They can provide you the right guidance and professional help to qualify for bank loans. A good credit score will not only help you to be qualified for bank loan but also you will be able to get loan at low interest rates. It is advisable to choose any credit repair agency carefully and enquire about its market reputation and services.
Author’s Bio:
Author is an expert with many years of experience in Article writing. He has written many articles for online publication, now he is giving the latest updates on Loan default and CIBIL report online. Read his articles to get more exposure and learn how to fix bad credits.
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