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+91 8000 911 911Individual Credit Rectification
We deal in Credit Rectification Services to ensure Credit Healthy and Wealthy life for all our clients. We are equipped with certified credit analysts to provide quality services that are Customer Centric and Responsive.
Apoorvaa Making Individual Credit Healthy
- Help to build credit history to those who are new to credit.
- Help to rebuild credit history to those who are challenged with credit issue.
- Help to update the credit report to those who have erroneous information.
- Help to improve the credit score to those who are facing the low credit score.
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What is Credit Report?
Individual Credit Report is kind of an analysis of a person’s credit files, to determine the creditworthiness of an individual.
Lenders check Individual Credit Report before proceeding for Loan or Credit Card approval of individual’s application.
What is Credit Score?
A credit score is a 3-digit numerical expression, typically Between 300 to 900 based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report, which consists of information typically sourced from credit bureaus.
It is predominantly used by lending institutes to evaluate your creditworthiness and predict risk involved in approving your loan application.
Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques to determine whether you are legible enough to be worked with. Digital finance companies such as online lenders also use alternative data sources to calculate the creditworthiness of borrowers.
Credit Score is based on your past financial responsibilities and past payments and credit, and it provides potential lenders with a quick snapshot of your current financial state and past repayment habits. The higher is the better! On the scale of 300 to 900 and any score above 750* should be good enough to get due attention from any lender on your credit application.
Individual credit rectification is necessary for several important reasons
Credit reports can sometimes contain inaccuracies due to clerical errors, outdated information, or identity theft. These errors can negatively impact an individual’s credit score and ability to obtain loans, credit cards, or favorable interest rates. Rectification ensures that the credit report accurately reflects an individual’s financial history.
An individual’s credit score is a critical factor in determining their eligibility for credit and the terms of that credit. By rectifying errors and ensuring all information is accurate, individuals can improve their credit scores, leading to better financial opportunities.
Regularly reviewing and rectifying credit reports helps in early detection of identity theft. If fraudulent accounts or transactions are identified, they can be addressed promptly, preventing further financial damage.
Lenders and financial institutions use credit reports to assess risk. An accurate credit report can help individuals secure loans, mortgages, and credit cards with better terms and lower interest rates.
Knowing that one’s credit report is accurate allows individuals to make informed financial decisions and plan for the future, such as purchasing a home, starting a business, or saving for retirement.
Apoorvaa will help you to rectify
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Accounts that do not belong to you -
Duplicate accounts -
Incorrect inquiries -
Inaccurate accounts -
Delinquent accounts -
Incorrect data of last payment, open date etc. -
Closed accounts reported open -
Accounts with incorrect current balance -
Accounts with incorrect credit limit
With Apoorvaa, you can trust that your credit health is in expert hands, paving the way for a more secure and prosperous financial future.
Frequently Asked Questions
A higher credit score generally indicates better creditworthiness and can lead to more favorable terms on loans and credit cards, such as lower interest rates and higher credit limits. A credit score above 750 is considered a good credit score in India.
Having a bad credit score can make it difficult to get approved for loans and credit cards, and it often results in higher interest rates and less favorable terms. Any credit score below 750 is considered a bad credit score in India.
Several factors influence a credit score. Here are the primary factors that affect credit scores:
- Payment History (35%)
- Timely payments on credit cards, loans, and other credit accounts.
- Late payments, defaults, and collections negatively impact the score.
- Amounts Owed (30%)
- Total amount of debt owed across all credit accounts.
- Credit utilization ratio: the percentage of available credit being used. Lower ratios are better.
- Length of Credit History (15%)
- The age of your oldest credit account, the age of your newest credit account, and the average age of all your accounts.
- A longer credit history typically results in a higher score.
- Credit Mix (10%)
- The variety of credit types used, such as credit cards, retail accounts, installment loans, finance company accounts, and mortgage loans.
- Having a diverse mix of credit types can positively influence the score.
- New Credit (10%)
- Number of recently opened credit accounts and the number of recent credit inquiries.
- Opening several new accounts in a short period can lower your score due to perceived increased risk.
