Today, lending companies, banks all lend to a person after knowing their complete details known as credit profile before lending.
The credit profile contains complete details such as how much an individual has borrowed and how much he has repaid. Four areas are very important in which your details, your loan history, your loan inquiries and the loan to be repaid. Your CIB score will vary depending on how you repay the loan.
Lenders check your entire credit profile before granting a loan. It is for reasons like these that it is important to keep your credit profile secure. Now let’s take a look at four steps to follow to build a very secure credit profile.
Avoid taking unnecessary loans:
In today’s situation, some companies come forward to give you a loan without knowing your background. Due to this, taking large amounts of loans can turn into huge amounts that you cannot pay back. This will create a negative impression on your credit profile. So it is better to be properly protected by not taking loans beyond the requirement or eligibility as much as possible.
Avoid getting stuck in monthly installments for a long time:
As much as possible, avoid long-term purchases such as credit cards or monthly installments. Because even if you miss your installment even once without knowing it, you will be penalized and have to pay more.
Also Read : Budget 2023: From Tax Deduction Limit Hike to Jobs!
Credit Card:
Avoid using credit cards as much as possible. Although credit cards have various advantages, it is important to pay your monthly debts correctly. Today there are many different types of credit cards. You are also more likely to buy unnecessary items during scams. So it is better to avoid using credit card in unnecessary places as much as possible.
Protect your identities by:
Recently, with the increase in digital money transactions, there are also scams where others use your personal identities to take fake loans from your account. It is important to stay safe and not fall for this phishing scam. Always double-check your transactions and immediately report any transactions from your account that you didn’t make.
From global to local news (Top Tamil News, Breaking News), Latest Tamil News, all can be found instantly on News18 Tamil (News18Tamil.com) website.
News18 Tamil Nadu TV can be found on ARASU CABLE – 50, TCCL – 57, SCV – 28, VK Digital – 30, SUN DIRECT DTH: 71, TATA PLAY: 1562, D2H: 2977, AIRTEL: 782, DISH TV: 2977.