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Credit History is a an alien term to 99% of the Indians. So lets explore the necessity of Credit History in India.
Prior to 2003, many businessmen[small / petty traders / contractors etc] including large business houses such as Essar, Jindals etc would borrow heavily from one bank and due to their mismanagement would default on loan payment @ that bank and go and avail a second loan at another bank without the knowledge of the first lender. This led to severe rise in Non Performing Assets of Banks, mainly PSU banks.
In 2002, all the banks came together to form a Credit Bureau which would share only the Credit[Any type of Loan or Credit or Money borrowed] information of borrowers indexed on the basis of IT - PAN number. Thus Credit Information Bureau of India Ltd [CIBIL] was born. In countries like the US & Canada, even defaulting on paying your Rent or Cell Phone Bill, you can get reported to the credit bureau as a defaulter.
Credit Lenders request for a copy of CIBIL report before lending. CIBIL report comes with a statistical score based on various factors and is known as CIBIL Score. This score is an estimate of an individual's creditworthiness. The score tells the risk of lending to a person. So be very careful the next time you default on paying something.
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Does France have good history?
History can not be good or bad.
Why does Britain want to be close to India?
Britain has still contact with India. It is not bad to have them.
Are you responsible for bad credit if you were under the age of 18?
no
Is rupee appreciation good or bad for India?
ruppee appreciation is good for India as India is mostly importing country rather then exporting...so its good for India....
Where can one find a bad credit fix repair company in Canada?
Here are few providers from a simple Google search, they are all bad credit car loan providers in Toronto. 1. Auto Credit Financial - http://www.autocreditfinancial.ca 2. Ontario Credit Solutions - http://www.ontariocreditsolutions.com 3. Whitby Motors - http://www.whitbymotors.com Good luck
What is the purpose of credit report check?
The purpose of a credit report check is to check how a person manages their credit obligations and if they have any history of not paying. If one has bad history then it is more of a risk for a company to give that person credit.
What are HSBC checking when they do a credit check?
When HSBC performs a credit check they are checking to see an individuals credit history. If there are instances of fraud or bad credit ratings they have the right to deny services.
Does bad credit score in the US effect the credit score in Canada?
Technically, no. The Canadian credit bureau does not share information with the US credit bureaus. However, a Canadian creditor can certainly check with a US credit bureau to check your credit history.
What if you have bad credit because of bills not credit card debts?
It is still bad credit history.
Is no credit worse than bad credit?
Not having a credit history is better than having a bad credit history. Bad credit is very bad... No credit is good. you are now ready to apply for credit. Start small, like a department store credit card. You must establish credit and use it in order to get a credit rating.
What are some methods for checking accounts for bad credit?
One method of checking accounts for bad credit is to do a credit check on the required company. One would need a couple of their creditors to call and verify payment history and missed payments. Many companies who offer credit to clients often check accounts in this matter.
How do you get credit card with bad credit?
If you have a bad credit history, you can still avail of credit card applications. It depends on the company. Sometimes, you have to fix your credit card history before you can apply for a new one.
What are some of the requirements for an FHA loan?
The main requirement lenders look at is credit bad credit can discourage many from giving out loans. Also employment history in order to check if the client has a stable work history.
Does bad personal credit history affect business credit history?
In many cases, yes, it will hurt the business credit history due to you having bad personal credit history. Being a "silent" partner is the best option you have if you want to be involved in the business.
Can a student get a loan with bad credit history?
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Where can you get a unsecured personal loan with bad credit?
Yes, you can get Bad Credit Loan. A bad credit history is like having contracted an infectious disease. At least this is what most lenders perceive. Any requests for personal loans by people with a bad credit history are generally declined.
Can you get a loan with no bank account bad credit?
Yes, you can get Bad Credit Loan. A bad credit history is like having contracted an infectious disease. At least this is what most lenders perceive. Any requests for personal loans by people with a bad credit history are generally declined.
