Latest news with #Equifax
Mint
7 hours ago
- Business
- Mint
How to spot and fix credit report errors that lower your credit score
Every small inaccuracy in your credit report can quietly bring down your credit score. Thus lowering your chances of securing a personal loan or credit card. Now it is a given that many borrowers regularly track their credit scores, relatively few review their credit reports in complete detail. Due to this they often miss hidden mistakes and errors that could cost them favourable terms and lower interest rates on their personal loans. Credit reports compiled by CIBIL, Equifax, Experian and CRIF High Mark can often contain discrepancies and disputes that go unnoticed by borrowers and can later hamper credit scores. Some common credit report mistakes include: Personal information errors (wrong PAN, Aadhaar details, date of birth or address). Closed personal loans marked as active. Payments of EMIs, credit card bills not updated by lenders. Accounts wrongly reported as delinquent i.e., as accounts that have missed personal loan EMIs, credit card bills or other associated credit repayments. Duplicate loan entries, wrong data or incorrect ownership details. All such errors may easily lower a borrower's credit score by 50-100 points. This is enough to shift a borrower from an 'excellent' or 'very good' category to a 'moderate risk' category, hence impacting both approval chances, applicable interest rates along with associated repayment terms and conditions. To streamline the same process the Reserve Bank has now mandated financial institutions to refresh credit bureau data every 15 days. Earlier, updates were not required to be done frequently. That is why this move is expected to bring credit reports closer to real-time accuracy, benefiting millions of retail borrowers. Currently, borrowers are permitted to avail one free credit report per year from their respective credit bureau. Keeping the same factor in mint, it is prudent for borrowers to closely monitor their credit reports. In case of reviewing your credit report you find an error then you should follow the given steps to resolve the situation: Raise a dispute on your respective credit bureau's official website. Provide supporting documents such as closure letters, errors or payment proofs. Contact the concerned lenders customer support team if the issue persists. Discuss your problem with the designated customer support team of the credit bureau. Monitor the status, disputes must be resolved within 30 days under the Credit Information Companies (Regulation) Act, 2005 (CICRA) framework. This matters because a single reporting error can result in higher personal loan EMIs, lower loan amounts, outright rejection or delays in availing credit. It is important to acknowledge the fact that credit reports are no longer optional, this is a consequence of credit becoming central to financial life in the country. For all personal finance updates, visit here. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Globe and Mail
19 hours ago
- Business
- Globe and Mail
Buyaccz Breaks Down the Chime Credit Builder Program for First-Time Users
What is Chime Credit Builder? Chime Credit Builder is a secured credit card program from Chime that can help you build or rebuild your credit without the traditional headaches. Unlike with most other credit cards, it doesn't require a minimum security deposit or charge an annual fee. The Chime Credit Builder card has a direct connection to your Chime checking account, so you use your own funds to fund your card. It does report to all of the major credit bureaus, though, which will help you to build a positive credit history with these bureaus over time. This secured card caters to users who are looking for a safer way to build credit. Because it won't let you spend more than you have, there's no chance of late payments or interest charges. Which is why so many are giving up traditional credit cards for this powerful tool with buy verified chime accounts. Have Questions? Contact Us Anytime! Telegram: @buyaccz, WhatsApp: +1 219-314-2491 How Chime Credit Builder Boosts Your Credit The How Does Chime Credit Builder Work card can boost your credit score by reporting your on-time payments to all three credit bureaus (Experian, Equifax, and Trans Union). Unlike unsecured cards, there's no hard credit check involved, so it can be accessible even to people with no or low credit. The more regular you are with monthly payments, the better your payment history. There's no such thing as the 30% credit utilization percentage (you're using your own money in this case, so it won't negatively affect your credit report). Your credit score improves each time you make on-time payments. It's a safe, predictable way to rebuild (or build) credit, especially since unsecured credit cards often come with high interest rates and demand a strong credit history. Key Features of Chime Credit Builder No annual fees or interest charges No minimum security deposit required No credit check is required to apply Requires a Chime Checking Account and direct deposit to qualify. Reports to all 3 major credit bureaus Contributes to a healthy credit history Budgeted with your own money There's no chance of overspending or late payments This credit-building secured account is particularly embraced by young people and those on the rebound financially because it enables safe usage and paves the way to building credit responsibly. Chime Credit Builder vs Traditional Credit Cards Conventional credit cards typically require a hard credit pull, a decent credit score, and may have high interest rates and annual fees. Many of those cards also provide a credit limit based on your income and creditworthiness. On the downside, the How Does Chime Credit Builder Work is essentially a debit card mimicking a secured credit card. You decide the spending limit when you move money out from your Chime account, so there are no surprises or risks. Who Can Benefit from Using Chime Credit Builder? Who benefit the most from credit-builder card? The Chime Credit Builder card is a good pick for anyone who aims to build or fix their credit. The secured Chime Credit Builder Visa Credit Card is an affordable and convenient option for people who want to build their credit. How to Get Started with Chime Credit Builder To get started with Chime Credit Builder, follow these easy steps: Open a Chime account Begin with a Chime checking account using the Chime app or website. up direct deposits You'd have to get a direct deposit of $200 or more a month. for the Credit Builder When you become eligible, there will be an option to apply for the How Does Chime Credit Builder Work card in your app. funds Transfer money from your Chime checking account to your Credit Builder account to establish your spending limit. your card Use it for day-in, day-out purchases, similar to a debit card, while building credit. it off Switch on Auto-Pay with Paperless Billing for peace of mind and to prevent late fees. Can I Buy Verified Chime Accounts Online? Yes, there are services to buy verified chime accounts. These accounts generally include verified identity, a linked Chime checking account, and sometimes even access to Chime Credit Builder. However, users must be cautious. It may be tempting to purchase verified Chime bank accounts—whether for speed, safety, or the chance to get in on some Chime card perks—but make sure that such a purchase comes from known sources to avoid scams or illegal activity. If you opt for a buy verified chime account, you want to check if it is active and 100% legal and flows as per your credentials. Where to Buy Verified Chime Bank Account Safely The best way to Buy Verified Chime bank Accounts is from trusted vendors or marketplace segments specializing in verified bank accounts. Look for platforms with: Secure payment methods Positive customer reviews Fast account delivery Account replacement guarantee 24/7 customer support Search Google and click on 'buy verified Chime bank accounts,' and research everyone and make sure of the legality. You want to stay away from sellers that do not offer a way to verify the item or give you post-sale support. Stay away from Telegram or dark web markets, as they tend to be associated with stolen or illicitly created accounts. Buy Verified Chime Account—Pros & Cons Pros: Quick access to Chime account features May include Chime Credit Builder activation Avoids the waiting period for identity verification Useful for businesses or freelancers Cons: Potential legal issues if not properly transferred Risk of scams or non-working accounts Might violate Chime's terms of service No control over the account's previous activity Before you buy a verified Chime account, weigh the pros and cons carefully. Is It Legal to Buy Verified Chime Bank Accounts? Buy verified Chime bank accounts are, in a way, a gray area in terms of legality. A safe use scenario may include you updating the account with your personal details if you do complete a legal account transfer (which most companies don't). But the user agreement of the company that manages Chime's account may classify account transfers as a violation. Attempting to access a Chime account created through someone else or with another person's information may result in closure or even legal action. Be sure to confirm the account's origin and if it comes with a Chime Credit Builder card or simply the base checking account. The best option is always to use a Chime card responsibly under your verifiedidentity. Best Sites to Buy Verified Chime Accounts (Trusted) If you're set on finding the best place to buy verified Chime accounts, here are some trusted sources known in the account-selling community: —Offers verified financial accounts, including Chime, with strong buyer protection. global digital account marketplace known for secure transactions. Chime bank accounts, credit builder cards, and custom options. verified bank accounts with clean usage history. for selling secured Chime Credit Builder Visa credit cards with instant delivery. Always verify if the account includes a credit builder secured account, Chime debit card, and is safe for credit building. Final Thoughts on Chime Credit Plus Verified Accounts The Chime Credit Builder card is an innovative way to help individuals build credit without the dangers associated with traditional credit cards. It provides a safe and fee-free, interest-free way to improve and build credit over time.' It has no credit check, so it is open to any credit level. In the meantime, the demand to purchase verified Chime accounts has skyrocketed, owing to ease and speed. However, always opt for legal, legitimate use, and make sure the account has basics like a Chime card (or at least a checking account) and a credit builder account. Whether you're building from the ground up or starting from scratch, when you mix responsible Chime Credit Builder usage with good decisions about verified Chime accounts, you can take your next step toward financial responsibility this year. Media Contact Company Name: Buyaccz Contact Person: Michael Williams Email: Send Email City: New York Country: United States Website:
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Business Standard
a day ago
- Business
- Business Standard
Credit score 'negative 1' isn't a crisis: How to improve your ranking
You have landed your first job, opened a salary account and applied for a small personal loan or credit card for the first time. But then you get a message that your application has been rejected, not because of poor financial history, but because you have a credit score of -1. It is a common experience for first-time borrowers in India. Many are unaware that the credit system doesn't just reject those with bad repayment records, it also excludes those with no records at all. What is a credit score? A credit score is a three-digit number, typically ranging from 300 to 900, that reflects your creditworthiness, or how likely you are to repay borrowed money on time. In India, scores are issued by credit bureaus CIBIL, Experian, CRIF High Mark and Equifax based on your loan and credit card usage. A score above 750 is considered strong and leads to easier access to credit at better interest rates. But not having a score, shown as -1, can shut the door before you even step in. 'Your credit score is like your financial reputation,' says Manish Shara, co-founder and chief executive officer of ZET, a credit score-building platform. 'It's not just about borrowing, it can influence everything from your loan eligibility to the cost of financing, and in some cases, even your job or housing prospects.' What does a-1 score really mean? Contrary to what it may seem, a-1 doesn't indicate default, mismanagement, or any wrongdoing. It simply means that there isn't enough information in your credit report for the bureau to assign a score. 'You are what we call credit invisible,' says Shara. 'It's common among gig workers, small business owners, and fresh graduates, people who've never used formal credit products.' According to Shara, over 400 million Indian adults are in this category. 'They're denied credit not because of bad behaviour, but because the system doesn't know them at all.' How to go from -1 to a valid credit score Building a credit score from scratch doesn't require a high salary or extensive financial experience. Here are the tips by Shara on how to begin: Start with a secured credit card: These cards are backed by a fixed deposit, don't need prior credit history, and are ideal for new earners, freelancers or students. Use the card wisely: Make small, regular purchases, groceries, fuel, subscriptions and aim to keep utilisation below 30 per cent of your limit. Always repay on time: Timely full payments are the most powerful input in building your credit profile. Track your score: Monitor your progress every month on platforms like CIBIL, Experian, or Equifax. A visible score usually appears within 3 to 6 months of consistent usage. 'You're not fixing a problem, you're giving the system a reason to recognise you,' Shara says. Final word With financial discipline and a strategy, you can go from being credit invisible to eligible. As Shara puts it: 'Credit access shouldn't depend on where you come from. It should depend on whether you've been given the chance to participate. And building your score is that first step.'
RNZ News
2 days ago
- Business
- RNZ News
Sharp rise in housing and personal loans hardship cases over past year
Photo: RNZ Banks and other lending groups are being more accommodating in their approach to borrowers in deep financial trouble, according to a credit agency. Equifax's latest report shows a sharp rise in hardship cases particularly in housing and personal loans over the past year -- up 25 and 40 percent respectively for the 12 months ended May. New Zealand manager Nick Foster said unlike past downturns lenders have not been taking an unnecessarily hardline approach. "The change in lenders' attitudes is markedly different to the GFC (global financial crisis) where we saw a lot of people have their mortgages foreclosed for going into serious default listing within the [credit] bureau. "We have in the last year seen a big increase in defaults in quite a while -- that's when it goes beyond 90 days in arrears --... but on the whole that's the very last resort for lenders and we're not seeing as much as we have in previous cycles of economic uncertainty." Foster said lenders were much more open to making schemes of arrangement with troubled borrowers to restructure loans. However, data showed individuals dipping into their Kiwisaver accounts for hardship reasons and withdrawing $470 million in the past year. Overall, arrears levels were generally steady in May on the month before, and in many categories were close to or a shade below last year's levels. However, personal loans in arrears were higher, which Foster said reflected that most were unsecured and so there was nothing for a lender to be able to take back to cover long running debt. He said generally households were keeping control over debt levels as shown by soft demand for big consumer ticket items, and the rise in housing credit enquiries was largely existing borrowers looking to refinance at lower rates.
The Sun
2 days ago
- Automotive
- The Sun
Drivers urged to used free Martin Lewis MoneySavingExpert tool to check if they can cut car bills by £1,000s
A FREE online tool can tell you whether you could save thousands of pounds on your car bills. MoneySavingExpert has launched a new tool that lets you see if you can save by refinancing your car if you're on a Personal Contract Purchase (PCP) or Hire Purchase (HP) deal. 1 You might not have heard about car refinancing before but it is essentially when you take out a new, cheaper loan or car finance deal to pay off your existing deal. Getting your car refinanced could save you hundreds of pounds in interest, or in some cases more than £1,500. Whether you're able to save will largely depend on the interest rate you're currently paying, as well as how much and how long you have left to pay. It can also depend on whether your credit history has improved since you took out a deal. How do you use the tool? You'll need to have some information to hand first. For example, you will need to know the type of car finance you have, how much you borrowed, what your monthly repayment is and the amount you'd need to pay at the end of the deal to own the car. You should also know when you took out the finance deal and the total length of time you took it out for. Plus, you should have an idea of your credit history. You don't need to give your exact score but you should be able to say whether it's "pretty good", "okay" or "not great". If you're not sure you can check your score for free using one of the three main credit reference agencies: Experian, Equifax and TransUnion. Five steps to get a better deal on your next car When you're ready, you can find the Car Finance Checker tool here: The tool will be able to tell you whether you're likely to save by switching. It will also give you an estimated settlement figure (the amount you'll need to borrow to pay off your existing deal). Before you can take out a new deal you'll need to settle your old finance agreement - and you can do this either using a loan or by using your new finance to pay off the old one. Check whether you can get a loan If it looks like you can cut your costs, you should check first whether a loan is cheaper. People who have plenty in savings should opt to use that first, but if you don't then it's worth looking at loans. The cheapest loans will generally give you a better deal than car finance unless it's already at 0% APR. Remember, your ability to access the cheapest loans will depend on your credit history - so if you have poor credit you might not be able to get them. You should then check whether the interest rates of the loans you're eligible for are cheaper than your current car finance deal. It's worth noting that you may not want to opt for a loan if you don't want to own the car at the end of the deal. If your current car finance is a PCP deal, it will have a "balloon payment" at the end - which is the amount you'll need to pay to own the car. Taking out a personal loan means you'll be borrowing the total amount of finance you have left to pay off, which includes the balloon payment. Therefore you'll likely see your monthly payments increase, even if the interest rate on the loan is cheaper and you end up paying less overall. Make sure the payments are affordable for you, and if you don't want to eventually own the car you're likely better off looking for a cheaper car finance deal. If you choose to go for a loan, you should get your settlement figure from your current car finance lender and make sure you can get a loan for that amount. Assuming you're accepted for the loan, you can use it to pay off your old car finance deal. You should be able to do this online or call up your lender to settle the payment. Your new lender should then set you up with a direct debit so you can make your new monthly payments. Consider a cheaper car finance deal If you can't or don't want to save with a loan, you can look for cheaper car finance. Some specialist car finance lenders will pay off your old car finance and get you set up with a new deal. You can compare new deals using Motiv or Experian - it may be worth checking both in case they have different lenders or rates. Again you'll need to get the settlement figure from your current car finance lender. You may be able to check this online or you might need to call them up and ask how much it would cost to settle your finance deal. When you contact the new lender, you will need to give them full details about yourself and your car. The new lender will pay off your old car finance lender for you, meaning they will be the new owner of your car until the finance is paid off. You can then pay your monthly repayments to the new lender.
