Five steps for a healthy Credit InformationReport (CIR)

Credit score is very important when it comes to availing credit, especially loan approvals. The banks may check credit score through different credit bureaus like CIBIL, Experian, CRIF- Highmark and Equifax. Credit score helps determine the creditworthiness of a client which in turn will help them avail loans faster and easier.

While a low credit score can be a major hindrance in getting one’s loan request approved, credit scores are dynamic and change with one’s credit activities. The following steps can be immensely useful for improving credit scores and should ideally be followed by everyone to maintain a healthy credit rating.

 

Be punctual about payments: It is very important to be on top of all your bill and loan payments in order to ensure a healthy credit score. Keep track of payment deadlines and clear off any outstanding bills at the earliest possible. Online banking allows one to set automatic deductions for loans, credit card bills as well as utility bills and these can be very handy for ensuring payments are made on time every time.

Do not be credit hungry: It is common for people to get multiple credit cards to acquire additional credit. However holding multiple credit cards indicates that the individual is credit hungry and might not be wise about managing his finances. This can have an adverse impact on ones eligibility for a loan or credit in times of emergency.

Do not apply for too many loans: Another thing that can influence one’s Credit scores is the number of times one applies for a loan. Every time an individual enquires or applies for a loan, the bank reaches out to credit bureaus for his details. A higher number of such enquiries can also hamper one’s credit scores with CIBIL

Spend wisely: Credit cards should be used cautiously as one spends cash. Avoid exceeding the credit card limit and if possible try not to use more than 75% of the credit allowed to you. This indicates a wise spending attitude and will benefit your credit standing.

Have a balanced mix of loans: The type of loans one holds is also a significant criterion in deciding one’s creditworthiness. Since secured loans like home loans help in the creation of assets, they positively influence one’s CIBIL score. Unsecured loans on the other hand include personal and car loan and can have an adverse effect on the credit scores. Thus it is important to have a balance between unsecured and secured loans.

With the evolving financial markets a financially active individual cannot afford to be ignorant about his credit standing. It is imperative that you keep a tab on your credit related activities and check the credit reports periodically to ensure no discrepancies mar your credit scores.

 Keep Repairing .....

A man was asked to paint a boat.
He brought with him paint and brushes and began to paint the boat a bright red, as the owner asked him.
While painting, he noticed that there was a small hole in the hull, and quietly repaired it.
When finished painting, he received his money and left.
The next day, the owner of the boat came to the painter and presented him with a nice cheque, much higher than the payment for painting.
The painter was surprised and said "You've already paid me for painting the boat Sir!"
"But this is not for the paint job. It's for having repaired the hole in the boat."
"Ah! But it was such a small service... certainly it's not worth paying me such a high amount for something so insignificant."
"My dear friend, you do not understand. Let me tell you what happened.
When I asked you to paint the boat, I forgot to mention about the hole.
When the boat dried, my kids took the boat and went on a fishing trip.
They did not know that there was a hole. I was not at home at that time.
When I returned and noticed they had taken the boat, I was desperate because I remembered that the boat had a hole.
Imagine my relief and joy when I saw them returning from fishing.
Then, I examined the boat and found that you had repaired the hole! You see, now, what you did? You saved the life of my children! I do not have enough money to pay your 'small' good deed."
So, no matter who, when or how. Just continue to help, sustain, wipe tears, listen attentively and carefully repair all the 'leaks' you find, because you never know when one is in need of us or when God holds a pleasant surprise for us to be helpful and important to someone.
You may have repaired numerous 'boat holes' along the way of several people without realizing how many lives you've saved. So Keep up Good work
I want to thank Everyone who Repaired my boat last year 2024 in every way like Good Wishes, Thoughts, Love, Care, Prayers and Blessings.

Happy 2025. Welcome !!

 The Reserve Bank of India (RBI) has several guidelines for CIBIL scores, including:

• Credit score updates: Starting January 1, 2025, lenders must report credit information to credit information companies (CICs) like CIBIL every two weeks. This will result in faster updates to CIBIL scores. 
• Free credit reports: Credit companies must provide a free full credit report, including a credit score, to customers once a year. The credit company must display a link on its website for customers to access their report. 
• Informing customers: If a bank or NBFC checks a customer's credit report, they must inform the customer. This can be done via SMS or email. 
• Reason for rejection: If a customer's request is rejected, the customer must be told the reason. 
• Default notifications: Before reporting a customer's default, the customer must be informed. 
• Complaint resolution: Credit information companies must resolve complaints within 30 days. If they don't, they must pay a fine of Rs 100 per day for each day the complaint is unresolved. 
• Nodal officer: Banks and loan institutions should appoint a nodal officer to solve credit score issues. 

MONEY & EXPERIENCE

Money has no memory. Experience has. You will never know what the total cost of your education was, but for a lifetime you will recall and relive the memories of schools and colleges. Few years from now, you will forget the amount you paid to settle the hospitalization bill, but will ever cherish having saved your mother's life or the life you get to live with the just born. You won't remember the cost of your honeymoon, but to the last breath remember the experiences of the bliss of togetherness. Money has no memory. Experience has.

Good times and bad times, times of prosperity and times of poverty, times when the future looked so secure and times when you didn't know from where the tomorrow will come... life has been in one way or the other a roller-coaster ride for everyone. Beyond all that abundance and beyond all that deprivation, what remains is the memory of experiences. Sometimes the wallet was full... sometimes even the pocket was empty. There was enough and you still had reasons to frown. There wasn't enough and you still had reasons to smile. Today, you can look back with tears of gratitude for all the times you had laughed together, and also look back with a smile at all the times you cried alone. All in all, life filled you with experiences to create a history of your own self, and you alone can remember them all.

The first time you balanced yourself on your cycle without support... The first time she said 'yes' and it was two years since you proposed... The first cry... the first steps... the first word... the first kiss... all of your child... The first gift you bought for your parents and the first gift your child gave you... The first award... the first public appreciation... the first stage performance... And the list is endless... Experiences, with timeless memory... No denying that anything that's material cost money, but the fact remains the cost of the experience will be forgotten, but the experience never.

So, what if it's economic recession? Let it be, but let there not be a recession to the quality of your life. You can still take your parents, if not on a pilgrimage, at least to the local temple. You can still play with your children, if not on an international holiday, at least in the local park. It doesn't cost money to lie down or to take a loved one onto your lap. Nice time to train the employees, create leadership availability and be ready for the wonderful times when they arrive. Hey! Aspects like your health, knowledge development and spiritual growth are not economy dependent.

Time will pass... economy will revive... currency will soon be in current... and in all this; I don't want you to look back and realize you did nothing but stayed in gloom. Recession can make you lose out on money. Let it not make you lose out on experiences... If you are not happy with what you have, no matter how much more you have, you will still not be happy.

I am Trying to make this my LIFE Statement.